Teacher Retirement System of Texas Sells 2,292 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Teacher Retirement System of Texas reduced its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,464 shares of the industrial products company's stock after selling 2,292 shares during the period. Teacher Retirement System of Texas owned 0.08% of Applied Industrial Technologies worth $7,090,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Larson Financial Group LLC grew its holdings in shares of Applied Industrial Technologies by 5,900.0% during the fourth quarter. Larson Financial Group LLC now owns 120 shares of the industrial products company's stock worth $29,000 after purchasing an additional 118 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after buying an additional 44 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 79 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Applied Industrial Technologies in the 1st quarter worth approximately $41,000. Finally, SBI Securities Co. Ltd. bought a new position in Applied Industrial Technologies during the 4th quarter valued at $44,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of research analyst reports. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Loop Capital lowered their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Raymond James Financial reaffirmed an "outperform" rating and set a $250.00 price objective (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Finally, KeyCorp reduced their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded up $2.55 during trading on Wednesday, hitting $250.21. 197,261 shares of the company were exchanged, compared to its average volume of 346,492. The company has a quick ratio of 2.51, a current ratio of 3.57 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $9.53 billion, a P/E ratio of 25.02, a price-to-earnings-growth ratio of 2.97 and a beta of 0.91. The business's 50 day moving average is $230.32 and its 200-day moving average is $237.26. Applied Industrial Technologies, Inc. has a 1-year low of $182.21 and a 1-year high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter in the prior year, the firm posted $2.48 earnings per share. The business's quarterly revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.74%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is presently 18.47%.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.