New York State Teachers Retirement System Sells 2,907 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

New York State Teachers Retirement System lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,167 shares of the industrial products company’s stock after selling 2,907 shares during the period. New York State Teachers Retirement System owned approximately 0.17% of Applied Industrial Technologies worth $11,599,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AIT. Metropolitan Life Insurance Co NY increased its holdings in shares of Applied Industrial Technologies by 3.2% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 2,351 shares of the industrial products company’s stock worth $296,000 after buying an additional 72 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in Applied Industrial Technologies by 0.8% in the third quarter. Pinnacle Associates Ltd. now owns 9,933 shares of the industrial products company’s stock valued at $1,536,000 after acquiring an additional 77 shares during the last quarter. Blue Trust Inc. boosted its stake in Applied Industrial Technologies by 0.8% in the fourth quarter. Blue Trust Inc. now owns 11,101 shares of the industrial products company’s stock valued at $1,917,000 after acquiring an additional 86 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Applied Industrial Technologies by 6.0% in the third quarter. Sequoia Financial Advisors LLC now owns 1,652 shares of the industrial products company’s stock valued at $255,000 after acquiring an additional 93 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its stake in Applied Industrial Technologies by 4.8% in the third quarter. Evergreen Capital Management LLC now owns 2,054 shares of the industrial products company’s stock valued at $318,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies 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 transaction, the vice president now directly owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.00% of the company’s stock.

Applied Industrial Technologies Trading Down 1.8 %

Shares of NYSE AIT opened at $192.21 on Thursday. The company’s fifty day moving average is $189.26 and its 200-day moving average is $172.94. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 20.17, a P/E/G ratio of 2.08 and a beta of 1.08. Applied Industrial Technologies, Inc. has a twelve month low of $122.24 and a twelve month high of $201.76. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.11 by $0.13. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.05 earnings per share. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.49 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.77%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.53%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AIT shares. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective on the stock. KeyCorp raised their price objective on shares of Applied Industrial Technologies from $182.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, January 26th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Buy” and a consensus target price of $197.25.

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.