Applied Industrial Technologies, Inc. (NYSE:AIT) Stake Lifted by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 65.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,621 shares of the industrial products company's stock after purchasing an additional 57,283 shares during the period. New York State Common Retirement Fund owned about 0.37% of Applied Industrial Technologies worth $32,269,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter worth $25,000. Headlands Technologies LLC acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at about $32,000. V Square Quantitative Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $34,000. Finally, Quarry LP purchased a new stake in shares of Applied Industrial Technologies during the second quarter worth about $39,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 3,366 shares of the company's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the sale, the vice president now owns 19,315 shares of the company's stock, valued at $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Kurt W. Loring sold 3,366 shares of the company's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction on Monday, August 19th. The stock was sold at an average price of $202.24, for a total transaction of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock valued at $2,439,116 over the last three months. 1.67% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Bank of America raised their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Raymond James raised their price objective on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a report on Friday, October 25th. Loop Capital upped their target price on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 target price on the stock. Finally, Robert W. Baird lifted their price target on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of "Moderate Buy" and a consensus price target of $261.43.

Applied Industrial Technologies Trading Down 0.0 %

Shares of Applied Industrial Technologies stock traded down $0.09 during trading hours on Friday, reaching $231.50. The stock had a trading volume of 145,438 shares, compared to its average volume of 221,932. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 1 year low of $153.13 and a 1 year high of $240.45. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 3.18 and a beta of 1.03. The firm has a 50 day simple moving average of $217.87 and a two-hundred day simple moving average of $202.81.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating analysts' consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the previous year, the company posted $2.39 earnings per share. Applied Industrial Technologies's revenue was up .3% compared to the same quarter last year. As a group, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.74 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.37 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.48 annualized dividend and a yield of 0.64%. Applied Industrial Technologies's dividend payout ratio is currently 15.10%.

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.