David Wells Sells 1,812 Shares of Applied Industrial Technologies (NYSE:AIT) Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) CFO David Wells sold 1,812 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. The trade was a 5.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Applied Industrial Technologies Trading Down 1.9%

Shares of AIT stock traded down $6.58 during trading hours on Thursday, reaching $339.61. The company had a trading volume of 180,619 shares, compared to its average volume of 302,310. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $374.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The firm has a market cap of $12.46 billion, a price-to-earnings ratio of 30.99, a P/E/G ratio of 2.85 and a beta of 0.84. The company has a 50 day moving average of $339.19 and a 200 day moving average of $305.46.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.61%.

Analyst Upgrades and Downgrades

Several brokerages have commented on AIT. Bank of America upped their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Robert W. Baird raised their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. KeyCorp raised their price objective on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Finally, Mizuho boosted their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $384.29.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently bought and sold shares of the stock. Torren Management LLC bought a new position in Applied Industrial Technologies in the fourth quarter valued at approximately $25,000. Global Retirement Partners LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter worth $37,000. Kilter Group LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $40,000. Anchor Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth $32,000. Finally, Silvant Capital Management LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter valued at $54,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.