State of Michigan Retirement System Sells 200 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

State of Michigan Retirement System reduced its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,300 shares of the industrial products company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Applied Industrial Technologies were worth $1,804,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AIT. Quadrature Capital Ltd bought a new stake in Applied Industrial Technologies in the 1st quarter valued at $593,000. American International Group Inc. increased its stake in Applied Industrial Technologies by 232.6% during the first quarter. American International Group Inc. now owns 69,901 shares of the industrial products company’s stock valued at $13,809,000 after acquiring an additional 48,883 shares during the period. Hennessy Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 18.3% in the 1st quarter. Hennessy Advisors Inc. now owns 185,300 shares of the industrial products company’s stock worth $36,606,000 after acquiring an additional 28,700 shares during the period. Campbell & CO Investment Adviser LLC grew its holdings in shares of Applied Industrial Technologies by 116.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 7,623 shares of the industrial products company’s stock worth $1,316,000 after purchasing an additional 4,098 shares in the last quarter. Finally, Stifel Financial Corp lifted its position in Applied Industrial Technologies by 24.4% in the fourth quarter. Stifel Financial Corp now owns 34,551 shares of the industrial products company’s stock worth $5,967,000 after purchasing an additional 6,775 shares during the period. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the topic of a number of analyst reports. Loop Capital upped their target price on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. KeyCorp upped their price target on Applied Industrial Technologies from $210.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, August 24th. Finally, Northcoast Research started coverage on shares of Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.67.

Applied Industrial Technologies Stock Down 0.5 %

Shares of NYSE AIT opened at $203.46 on Thursday. Applied Industrial Technologies, Inc. has a 12-month low of $149.59 and a 12-month high of $223.15. The firm’s 50-day simple moving average is $199.31 and its 200 day simple moving average is $193.46. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The company has a market cap of $7.85 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. Applied Industrial Technologies’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the business earned $2.35 earnings per share. On average, research analysts expect that Applied Industrial Technologies, Inc. will post 9.62 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.73%. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Insider Activity

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the completion of the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at $41,602,385.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Kurt W. Loring sold 3,366 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $209.02, for a total value of $703,561.32. Following the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

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.