Texas Permanent School Fund Corp Increases Stock Position in Applied Industrial Technologies, Inc. (NYSE:AIT)

Posted by Defense World Staff on Jul 24th, 2023

Texas Permanent School Fund Corp lifted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 33.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,029 shares of the industrial products company’s stock after buying an additional 8,481 shares during the quarter. Texas Permanent School Fund Corp owned about 0.09% of Applied Industrial Technologies worth $4,837,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. lifted its stake in shares of Applied Industrial Technologies by 7.0% during the 1st quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock valued at $718,751,000 after buying an additional 459,302 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Applied Industrial Technologies by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,863,708 shares of the industrial products company’s stock valued at $499,893,000 after buying an additional 136,174 shares in the last quarter. State Street Corp lifted its stake in shares of Applied Industrial Technologies by 0.7% during the 3rd quarter. State Street Corp now owns 1,383,105 shares of the industrial products company’s stock valued at $142,156,000 after buying an additional 10,144 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Applied Industrial Technologies by 0.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,287,246 shares of the industrial products company’s stock valued at $162,232,000 after buying an additional 8,951 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its stake in shares of Applied Industrial Technologies by 5.0% during the 4th quarter. Macquarie Group Ltd. now owns 945,074 shares of the industrial products company’s stock valued at $119,108,000 after buying an additional 44,714 shares in the last quarter. 92.64% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $143.34 on Monday. The company’s fifty day moving average price is $136.74 and its 200-day moving average price is $135.68. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of 16.84 and a beta of 1.22. Applied Industrial Technologies, Inc. has a one year low of $93.61 and a one year high of $150.07. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.14 and a quick ratio of 2.04.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last issued its quarterly earnings results on Thursday, April 27th. The industrial products company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.26. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Applied Industrial Technologies had a net margin of 7.73% and a return on equity of 26.15%. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 8.58 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date is Monday, August 14th. Applied Industrial Technologies’s payout ratio is 16.45%.

Insider Transactions at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 1,655 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $130.01, for a total transaction of $215,166.55. Following the transaction, the chief executive officer now owns 316,563 shares of the company’s stock, valued at approximately $41,156,355.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on AIT shares. StockNews.com started coverage on shares of Applied Industrial Technologies in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $160.00 to $161.00 in a research note on Friday, April 28th.

Applied Industrial Technologies Company Profile

(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 through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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.