Sanctuary Advisors LLC Makes New $562,000 Investment in Applied Industrial Technologies, Inc. $AIT

Sanctuary Advisors LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 1,663 shares of the industrial products company’s stock, valued at approximately $562,000.

Other institutional investors have also recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at about $287,000. Bank of Nova Scotia bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $25,294,000. Elevation Point Wealth Partners LLC purchased a new position in Applied Industrial Technologies in the second quarter worth about $379,000. Northwestern Mutual Wealth Management Co. bought a new stake in Applied Industrial Technologies during the second quarter valued at approximately $125,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth $2,594,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on AIT shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Bank of America increased their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Robert W. Baird boosted 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. DA Davidson boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, Mizuho increased their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Buy” and a consensus price target of $400.00.

Applied Industrial Technologies Trading Down 5.1%

NYSE:AIT opened at $321.09 on Friday. The firm has a market cap of $11.78 billion, a P/E ratio of 29.30, a P/E/G ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The firm has a 50-day simple moving average of $340.60 and a 200-day simple moving average of $308.11.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.25. The business had revenue of $1.35 billion for 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 business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Insider Activity

In other news, Director Peter C. Wallace sold 1,904 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director owned 22,859 shares of the company’s stock, valued at $7,782,346.55. This trade represents a 7.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 7,561 shares of company stock worth $2,560,085. Insiders own 1.60% 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.