New York State Common Retirement Fund Sells 34,594 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

New York State Common Retirement Fund trimmed its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 21.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,618 shares of the industrial products company's stock after selling 34,594 shares during the period. New York State Common Retirement Fund owned about 0.32% of Applied Industrial Technologies worth $21,693,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AIT. Caprock Group LLC increased its stake in shares of Applied Industrial Technologies by 9.4% during the 3rd quarter. Caprock Group LLC now owns 1,617 shares of the industrial products company's stock worth $250,000 after purchasing an additional 139 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in shares of Applied Industrial Technologies by 25.8% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 2,397 shares of the industrial products company's stock worth $371,000 after purchasing an additional 492 shares in the last quarter. Sheets Smith Wealth Management increased its stake in shares of Applied Industrial Technologies by 2.5% during the 3rd quarter. Sheets Smith Wealth Management now owns 4,839 shares of the industrial products company's stock worth $748,000 after purchasing an additional 117 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter worth approximately $306,000. Finally, Pinnacle Associates Ltd. increased its stake in shares of Applied Industrial Technologies by 0.8% during the 3rd quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company's stock worth $1,536,000 after purchasing an additional 77 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 1.1 %

AIT stock traded up $1.95 during midday trading on Friday, hitting $180.89. The stock had a trading volume of 448,122 shares, compared to its average volume of 245,005. The firm has a market cap of $7.00 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.89 and a beta of 1.08. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.59. Applied Industrial Technologies, Inc. has a 12-month low of $122.24 and a 12-month high of $201.76. The company's 50-day moving average price is $189.87 and its 200 day moving average price is $175.69.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The company had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the previous year, the company earned $2.38 EPS. The business's quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. Applied Industrial Technologies's dividend payout ratio is presently 15.51%.

Analyst Ratings Changes

AIT has been the subject of a number of recent research reports. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, April 11th. Oppenheimer began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an "outperform" rating and a $235.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $201.00.

Insider Activity

In other news, VP Warren E. Hoffner III sold 2,000 shares of the business's stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares of the company's stock, valued at approximately $10,421,642.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.20% of the company's stock.

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.