Retirement Systems of Alabama Invests $19.26 Million in Applied Industrial Technologies, Inc. (NYSE:AIT) (2024)

Retirement Systems of Alabama purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 97,512 shares of the industrial products company's stock, valued at approximately $19,263,000. Retirement Systems of Alabama owned 0.25% of Applied Industrial Technologies at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Van ECK Associates Corp boosted its position in shares of Applied Industrial Technologies by 36.5% during the 1st quarter. Van ECK Associates Corp now owns 15,263 shares of the industrial products company's stock valued at $3,015,000 after acquiring an additional 4,082 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Applied Industrial Technologies by 4.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 6,972 shares of the industrial products company's stock valued at $1,377,000 after acquiring an additional 326 shares during the last quarter. Securian Asset Management Inc. bought a new position in shares of Applied Industrial Technologies during the 1st quarter valued at approximately $628,000. Robeco Schweiz AG boosted its position in shares of Applied Industrial Technologies by 6.4% during the 1st quarter. Robeco Schweiz AG now owns 198,598 shares of the industrial products company's stock valued at $39,233,000 after acquiring an additional 11,970 shares during the last quarter. Finally, WCM Investment Management LLC boosted its position in shares of Applied Industrial Technologies by 0.5% during the 1st quarter. WCM Investment Management LLC now owns 122,093 shares of the industrial products company's stock valued at $24,119,000 after acquiring an additional 639 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

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Applied Industrial Technologies Stock Down 1.0 %

Applied Industrial Technologies stock traded down $1.93 during trading hours on Friday, reaching $189.42. The stock had a trading volume of 170,289 shares, compared to its average volume of 307,021. The company has a market cap of $7.31 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 1.89 and a beta of 1.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.70. The business's 50 day moving average price is $191.27 and its 200-day moving average price is $185.99. Applied Industrial Technologies, Inc. has a 52 week low of $138.38 and a 52 week high of $201.76.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the firm earned $2.38 earnings per share. Applied Industrial Technologies's revenue for the quarter was down 2.8% on a year-over-year basis. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.62 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 15.51%.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Jason W. Vasquez sold 650 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $196.71, for a total transaction of $127,861.50. Following the completion of the transaction, the vice president now directly owns 22,960 shares in the company, valued at approximately $4,516,461.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AIT has been the subject of a number of analyst reports. Northcoast Research initiated coverage on Applied Industrial Technologies in a research report on Monday. They issued a "neutral" rating for the company. Oppenheimer initiated coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an "outperform" rating and a $235.00 price target for the company. Finally, KeyCorp raised their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, April 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $201.00.

Check Out Our Latest Analysis on Applied Industrial Technologies

About Applied Industrial Technologies

(Free Report)

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.

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Retirement Systems of Alabama Invests $19.26 Million in Applied Industrial Technologies, Inc. (NYSE:AIT) (3)

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Retirement Systems of Alabama Invests $19.26 Million in Applied Industrial Technologies, Inc. (NYSE:AIT) (2024)
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