UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 28,217 Shares of Applied Industrial Technologies, Inc. $AIT

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 23.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 93,846 shares of the industrial products company’s stock after selling 28,217 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Applied Industrial Technologies were worth $31,734,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in Applied Industrial Technologies during the second quarter worth $1,336,805,000. Corient Private Wealth LLC lifted its stake in shares of Applied Industrial Technologies by 22,451.0% during the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after buying an additional 582,827 shares during the last quarter. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth about $125,044,000. Bank of New York Mellon Corp bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $93,672,000. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Applied Industrial Technologies by 4,933.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock worth $67,935,000 after buying an additional 259,319 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AIT has been the topic of several research analyst reports. Mizuho increased their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. DA Davidson upped their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Robert W. Baird lifted their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, KeyCorp boosted their price target on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Applied Industrial Technologies currently has an average rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $322.12 on Friday. The firm has a 50-day moving average price of $339.38 and a two-hundred day moving average price of $309.36. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80. The company has a market capitalization of $11.82 billion, a P/E ratio of 29.39, a P/E/G ratio of 2.57 and a beta of 0.83. 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 released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio is 18.61%.

Insider Buying and Selling

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

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.