Teachers Retirement System of The State of Kentucky Lowers Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Teachers Retirement System of The State of Kentucky decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 48.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,416 shares of the industrial products company's stock after selling 10,675 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Applied Industrial Technologies were worth $2,572,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Applied Industrial Technologies during the 4th quarter worth $129,690,000. GAMMA Investing LLC grew its stake in Applied Industrial Technologies by 34,002.9% during the 1st quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock worth $716,990,000 after buying an additional 317,247 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Applied Industrial Technologies by 199.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 309,617 shares of the industrial products company's stock worth $74,145,000 after buying an additional 206,220 shares during the period. First Trust Advisors LP lifted its stake in Applied Industrial Technologies by 50.0% in the fourth quarter. First Trust Advisors LP now owns 404,784 shares of the industrial products company's stock valued at $96,934,000 after buying an additional 134,975 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $25,518,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 2.0%

Shares of NYSE AIT opened at $265.40 on Wednesday. The firm has a market capitalization of $10.11 billion, a PE ratio of 26.65, a PEG ratio of 3.17 and a beta of 0.91. Applied Industrial Technologies, Inc. has a one year low of $188.71 and a one year high of $282.98. The company has a current ratio of 3.57, a quick ratio of 2.51 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $235.92 and a two-hundred day moving average price of $238.27.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. The business had revenue of $1.17 billion during 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 quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

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

Applied Industrial Technologies Announces Dividend

The company also recently announced 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 0.69%. The ex-dividend date of this dividend is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.47%.

Analyst Ratings Changes

A number of analysts recently issued reports on AIT shares. Wall Street Zen lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Raymond James Financial reissued an "outperform" rating and set a $250.00 price target (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, Loop Capital decreased their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $285.00.

About Applied Industrial Technologies

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.

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