Texas Permanent School Fund Corp Sells 4,901 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Texas Permanent School Fund Corp decreased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 14.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,942 shares of the industrial products company’s stock after selling 4,901 shares during the period. Texas Permanent School Fund Corp’s holdings in Applied Industrial Technologies were worth $5,615,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AIT. EntryPoint Capital LLC acquired a new stake in shares of Applied Industrial Technologies during the 1st quarter worth about $25,000. ICA Group Wealth Management LLC bought a new position in Applied Industrial Technologies in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies during the second quarter worth approximately $32,000. ZRC Wealth Management LLC bought a new stake in shares of Applied Industrial Technologies during the first quarter worth approximately $42,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Applied Industrial Technologies by 68.5% in the first quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company’s stock valued at $56,000 after purchasing an additional 124 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AIT. Northcoast Research assumed coverage on Applied Industrial Technologies in a report on Monday, July 1st. They set a “neutral” rating for the company. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $205.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Raymond James initiated coverage on shares of Applied Industrial Technologies in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $225.00 price target on the stock. StockNews.com cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, KeyCorp increased their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $223.00.

Applied Industrial Technologies Stock Up 2.3 %

Shares of NYSE AIT opened at $201.96 on Friday. The stock has a market capitalization of $7.80 billion, a P/E ratio of 21.17, a PEG ratio of 1.96 and a beta of 1.03. The stock’s fifty day moving average is $201.15 and its 200 day moving average is $194.36. Applied Industrial Technologies, Inc. has a 52 week low of $149.59 and a 52 week high of $223.15. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.56 and a current ratio of 3.53.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 15th. The industrial products company reported $2.64 EPS for the quarter, beating the consensus estimate of $2.52 by $0.12. The firm 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 8.61% and a return on equity of 23.55%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the firm earned $2.35 EPS. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.86 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 4,858 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company’s stock, valued at approximately $3,922,876.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Kurt W. Loring sold 4,858 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the completion of the sale, the vice president now directly owns 19,315 shares in the company, valued at approximately $3,922,876.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Neil A. Schrimsher sold 3,703 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were 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 disclosure for this sale can be found here. Insiders sold 11,927 shares of company stock worth $2,439,116 over the last three months. Insiders own 2.20% of the company’s stock.

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.