New York State Common Retirement Fund lifted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 10.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 159,047 shares of the industrial products company's stock after acquiring an additional 14,426 shares during the period. New York State Common Retirement Fund owned approximately 0.41% of Applied Industrial Technologies worth $38,087,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Kestra Investment Management LLC acquired a new stake in Applied Industrial Technologies during the fourth quarter worth about $30,000. First Horizon Advisors Inc. grew its stake in shares of Applied Industrial Technologies by 106.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company's stock worth $38,000 after purchasing an additional 88 shares during the period. Millburn Ridgefield Corp acquired a new position in shares of Applied Industrial Technologies in the 3rd quarter valued at $84,000. Versant Capital Management Inc boosted its holdings in Applied Industrial Technologies by 16.8% during the fourth quarter. Versant Capital Management Inc now owns 382 shares of the industrial products company's stock worth $91,000 after buying an additional 55 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new stake in Applied Industrial Technologies during the third quarter valued at $114,000. 93.52% of the stock is owned by institutional investors and hedge funds.
Applied Industrial Technologies Stock Performance
NYSE AIT traded down $18.09 during trading hours on Friday, hitting $245.73. The company had a trading volume of 385,458 shares, compared to its average volume of 308,272. The business has a 50 day moving average of $254.09 and a 200-day moving average of $238.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.55 and a current ratio of 3.76. Applied Industrial Technologies, Inc. has a 1-year low of $177.68 and a 1-year high of $282.98. The company has a market cap of $9.43 billion, a PE ratio of 24.90, a price-to-earnings-growth ratio of 3.40 and a beta of 1.08.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts' consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. As a group, equities research analysts expect that Applied Industrial Technologies, Inc. will post 9.87 EPS for the current year.
Applied Industrial Technologies Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.75%. This is a boost from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date is Friday, February 14th. Applied Industrial Technologies's dividend payout ratio is presently 18.64%.
Insider Transactions at Applied Industrial Technologies
In other news, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total value of $1,126,560.00. Following the sale, the vice president now owns 55,709 shares of the company's stock, valued at $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Dean Hall sold 2,200 shares of the business's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total transaction of $605,176.00. Following the transaction, the director now owns 3,462 shares in the company, valued at approximately $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.67% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on AIT shares. Oppenheimer increased their price target on Applied Industrial Technologies from $260.00 to $305.00 and gave the stock an "outperform" rating in a research report on Thursday, November 14th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 3rd. Loop Capital boosted their price objective on Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. Raymond James reaffirmed an "outperform" rating and issued a $265.00 target price (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Finally, Bank of America upgraded Applied Industrial Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the company from $285.00 to $315.00 in a report on Tuesday, November 26th. Two research analysts have 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 a consensus rating of "Moderate Buy" and a consensus price target of $291.43.
Check Out Our Latest Analysis on Applied Industrial Technologies
About Applied Industrial Technologies
(
Free Report)
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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