Royal London Asset Management Ltd. Cuts Stock Position in Applied Industrial Technologies, Inc. $AIT

Royal London Asset Management Ltd. trimmed its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 52.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 68,844 shares of the industrial products company’s stock after selling 75,442 shares during the period. Royal London Asset Management Ltd.’s holdings in Applied Industrial Technologies were worth $23,280,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its position in shares of 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 during the last quarter. Empowered Funds LLC acquired a new stake in Applied Industrial Technologies in the 1st quarter worth about $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Applied Industrial Technologies by 12.4% during the 1st 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 buying an additional 10,863 shares in the last quarter. Focus Partners Wealth increased its stake in Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after buying an additional 58 shares in the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Applied Industrial Technologies during the second quarter valued at approximately $217,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AIT shares. Robert W. Baird raised their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Oppenheimer increased their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. DA Davidson lifted their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Mizuho upped their target price on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $400.00.

Applied Industrial Technologies Trading Down 0.4%

Shares of Applied Industrial Technologies stock opened at $321.09 on Monday. 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 stock’s 50 day simple moving average is $340.60 and its 200-day simple moving average is $308.29. The stock 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 1-year low of $238.34 and a 1-year high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.29 billion. During the same quarter last year, the firm earned $2.80 earnings per share. The business’s revenue for the quarter 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. Analysts predict that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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 issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is currently 18.61%.

Insider Buying and Selling

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director directly owned 22,859 shares in the company, valued at $7,782,346.55. The trade was a 7.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction 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 trade represents a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 7,561 shares of company stock worth $2,560,085. Insiders own 1.60% of the company’s stock.

Applied Industrial Technologies 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.