VELA Investment Management LLC Reduces Stock Holdings in Applied Industrial Technologies, Inc. $AIT

VELA Investment Management LLC decreased its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 17.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,777 shares of the industrial products company’s stock after selling 2,262 shares during the period. VELA Investment Management LLC’s holdings in Applied Industrial Technologies were worth $3,644,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Corient Private Wealth LP raised its stake in shares of Applied Industrial Technologies by 99.5% in the second quarter. Corient Private Wealth LP now owns 5,202 shares of the industrial products company’s stock valued at $1,759,000 after buying an additional 2,594 shares during the period. Amundi grew its stake in shares of Applied Industrial Technologies by 11.6% during the 2nd quarter. Amundi now owns 195,245 shares of the industrial products company’s stock worth $66,022,000 after acquiring an additional 20,338 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $852,000. California State Teachers Retirement System increased its holdings in Applied Industrial Technologies by 32,761.6% in the 2nd quarter. California State Teachers Retirement System now owns 14,593,201 shares of the industrial products company’s stock worth $4,934,691,000 after acquiring an additional 14,548,793 shares during the last quarter. Finally, HB Wealth Management LLC increased its holdings in Applied Industrial Technologies by 37.0% in the 2nd quarter. HB Wealth Management LLC now owns 2,771 shares of the industrial products company’s stock worth $937,000 after acquiring an additional 748 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Bank of America lifted their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. KeyCorp upped their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Finally, Mizuho raised their price objective 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 equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $400.00.

Insider Buying and Selling

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was 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 in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies 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 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. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,561 shares of company stock worth $2,560,085. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Down 0.1%

AIT opened at $325.36 on Tuesday. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The company has a fifty day moving average price of $338.98 and a 200-day moving average price of $310.01. 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 capitalization of $11.94 billion, a P/E ratio of 29.69, a price-to-earnings-growth ratio of 2.61 and a beta of 0.83.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $1.29 billion. During the same quarter last year, the company posted $2.80 EPS. The company’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. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were issued 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 was Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

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.