Retirement Systems of Alabama Lowers Stake in Applied Industrial Technologies, Inc. (NYSE:AIT)

Retirement Systems of Alabama cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,342 shares of the industrial products company’s stock after selling 4,259 shares during the quarter. Retirement Systems of Alabama’s holdings in Applied Industrial Technologies were worth $20,604,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AIT. GHP Investment Advisors Inc. boosted its position in Applied Industrial Technologies by 3.9% during the third quarter. GHP Investment Advisors Inc. now owns 1,143 shares of the industrial products company’s stock valued at $255,000 after purchasing an additional 43 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Applied Industrial Technologies by 2.4% during the second quarter. Miller Howard Investments Inc. NY now owns 2,300 shares of the industrial products company’s stock valued at $446,000 after buying an additional 55 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Applied Industrial Technologies by 0.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 17,394 shares of the industrial products company’s stock valued at $3,374,000 after buying an additional 61 shares in the last quarter. Dana Investment Advisors Inc. grew its position in shares of Applied Industrial Technologies by 0.7% in the 2nd quarter. Dana Investment Advisors Inc. now owns 9,939 shares of the industrial products company’s stock worth $1,928,000 after buying an additional 65 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Applied Industrial Technologies by 3.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,158 shares of the industrial products company’s stock worth $419,000 after acquiring an additional 66 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the sale, the director now directly owns 3,462 shares of the company’s stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the sale, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This represents a 6.70 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Trading Down 2.2 %

Shares of NYSE:AIT opened at $262.07 on Friday. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a 52-week low of $163.50 and a 52-week high of $282.98. The stock has a market cap of $10.08 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 3.71 and a beta of 1.05. The business has a 50-day moving average price of $253.09 and a 200-day moving average price of $219.12.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.08 billion. Applied Industrial Technologies had a net margin of 8.57% and a return on equity of 22.68%. Applied Industrial Technologies’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $2.39 EPS. Equities analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.56%. The ex-dividend date was Friday, November 15th. Applied Industrial Technologies’s dividend payout ratio is currently 15.10%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Raymond James upped their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Mizuho began coverage on Applied Industrial Technologies in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. StockNews.com upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Bank of America raised shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $285.00 to $315.00 in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies has an average rating of “Moderate Buy” and a consensus target price of $285.71.

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.