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 13F filing with the SEC. The firm owned 31,464 shares of the industrial products company's stock after selling 2,292 shares during the quarter. Teacher Retirement System of Texas owned 0.08% of Applied Industrial Technologies worth $7,090,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. KeyCorp decreased their price target on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Loop Capital cut their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Sunday, June 22nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of "Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock traded up $4.66 during trading hours on Tuesday, hitting $248.81. The stock had a trading volume of 125,829 shares, compared to its average volume of 345,804. The company has a 50-day moving average of $230.32 and a two-hundred day moving average of $237.26. 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 cap of $9.48 billion, a PE ratio of 24.98, a price-to-earnings-growth ratio of 2.98 and a beta of 0.91. Applied Industrial Technologies, Inc. has a fifty-two week low of $182.21 and a fifty-two week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.17. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. Applied Industrial Technologies had a return on equity of 22.01% and a net margin of 8.64%. Applied Industrial Technologies's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.48 EPS. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Applied Industrial Technologies declared that its board has authorized a share buyback plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Applied Industrial Technologies 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.