Applied Industrial Technologies (NYSE:AIT) Director Sells $648,216.80 in Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) Director Peter Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This trade represents a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Applied Industrial Technologies Trading Down 5.1%

Shares of AIT opened at $321.09 on Friday. The stock’s fifty day simple moving average is $340.60 and its 200-day simple moving average is $308.11. The firm has a market capitalization of $11.78 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14.

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. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the company earned $2.80 earnings per share. The company’s revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, research analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared 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. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is 18.61%.

Analyst Ratings Changes

AIT has been the topic of a number of recent research reports. Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Robert W. Baird increased their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Mizuho raised their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. KeyCorp lifted 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, Bank of America upped their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $400.00.

Institutional Trading of Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in AIT. Goldman Sachs Group Inc. increased its stake in Applied Industrial Technologies by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock worth $85,897,000 after purchasing an additional 14,926 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter valued at approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Applied Industrial Technologies by 12.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after acquiring an additional 10,863 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Applied Industrial Technologies by 4.5% during the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after acquiring an additional 58 shares during the period. Finally, M&T Bank Corp bought a new stake in Applied Industrial Technologies in the 2nd quarter valued at $217,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Company Profile

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.