Assenagon Asset Management S.A. Sells 7,244 Shares of Applied Industrial Technologies, Inc. $AIT

Assenagon Asset Management S.A. cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 10.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 64,379 shares of the industrial products company’s stock after selling 7,244 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Applied Industrial Technologies were worth $17,081,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Krilogy Financial LLC grew its position in Applied Industrial Technologies by 36.8% during the first quarter. Krilogy Financial LLC now owns 992 shares of the industrial products company’s stock valued at $282,000 after buying an additional 267 shares during the period. Mountain Pacific Investment Advisers LLC grew its position in shares of Applied Industrial Technologies by 1.2% during the 1st quarter. Mountain Pacific Investment Advisers LLC now owns 12,871 shares of the industrial products company’s stock valued at $3,415,000 after acquiring an additional 156 shares during the period. Evolve Private Wealth LLC increased its stake in shares of Applied Industrial Technologies by 14.4% in the 1st quarter. Evolve Private Wealth LLC now owns 3,258 shares of the industrial products company’s stock worth $864,000 after purchasing an additional 409 shares in the last quarter. Balboa Wealth Partners increased its stake in shares of Applied Industrial Technologies by 59.5% in the 1st quarter. Balboa Wealth Partners now owns 1,399 shares of the industrial products company’s stock worth $371,000 after purchasing an additional 522 shares in the last quarter. Finally, Diversified Trust Co bought a new position in Applied Industrial Technologies in the 1st quarter worth $1,335,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on AIT. DA Davidson initiated coverage on Applied Industrial Technologies in a research note on Tuesday, June 16th. They issued a “buy” rating and a $380.00 price objective on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Friday, April 24th. Oppenheimer increased their target price on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $323.14.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the transaction, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Warren E. Hoffner III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the sale, the vice president owned 40,751 shares in the company, valued at approximately $12,471,436.04. The trade was a 16.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Down 1.9%

Shares of NYSE AIT opened at $336.97 on Friday. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a 12-month low of $230.44 and a 12-month high of $345.48. The firm’s 50-day moving average price is $311.79 and its 200-day moving average price is $285.22. The stock has a market capitalization of $12.45 billion, a price-to-earnings ratio of 31.82, a P/E/G ratio of 3.21 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the company posted $2.57 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio is currently 19.26%.

About Applied Industrial Technologies

Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.

Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.