Teacher Retirement System of Texas Sells 13,751 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Teacher Retirement System of Texas lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 28.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,756 shares of the industrial products company's stock after selling 13,751 shares during the period. Teacher Retirement System of Texas owned 0.09% of Applied Industrial Technologies worth $8,084,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of AIT. State Street Corp increased its position in Applied Industrial Technologies by 2.4% in the third quarter. State Street Corp now owns 1,441,051 shares of the industrial products company's stock worth $321,542,000 after buying an additional 34,113 shares during the last quarter. Geode Capital Management LLC raised its stake in Applied Industrial Technologies by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,040,389 shares of the industrial products company's stock valued at $232,181,000 after acquiring an additional 40,689 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Applied Industrial Technologies by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company's stock valued at $136,803,000 after acquiring an additional 1,958 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Applied Industrial Technologies during the third quarter valued at about $84,139,000. Finally, Bank of New York Mellon Corp boosted its position in Applied Industrial Technologies by 3.3% during the fourth quarter. Bank of New York Mellon Corp now owns 366,217 shares of the industrial products company's stock worth $87,698,000 after purchasing an additional 11,529 shares during the period. Institutional investors own 93.52% of the company's stock.

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Wall Street Analyst Weigh In

AIT has been the topic of a number of recent research reports. Raymond James restated an "outperform" rating and set a $265.00 price target (up from $250.00) on shares of Applied Industrial Technologies in a research note on Thursday, January 30th. Robert W. Baird increased their target price on Applied Industrial Technologies from $250.00 to $275.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. StockNews.com cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, January 23rd. Finally, KeyCorp dropped their price objective on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $284.29.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock traded down $0.10 during mid-day trading on Thursday, hitting $232.79. 258,037 shares of the company traded hands, compared to its average volume of 261,509. The stock has a fifty day moving average price of $247.93 and a 200-day moving average price of $244.79. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 3.14 and a beta of 1.08. Applied Industrial Technologies, Inc. has a one year low of $177.68 and a one year high of $282.98. 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 (NYSE:AIT - Get Free Report) last released its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 EPS 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%. On average, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a $0.46 dividend. This is an increase from Applied Industrial Technologies's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a yield of 0.79%. Applied Industrial Technologies's payout ratio is presently 18.64%.

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.