VELA Investment Management LLC Trims Stake in Applied Industrial Technologies, Inc. $AIT

VELA Investment Management LLC lessened its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 18.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,905 shares of the industrial products company’s stock after selling 2,412 shares during the quarter. VELA Investment Management LLC’s holdings in Applied Industrial Technologies were worth $3,688,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AIT. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies in the fourth quarter worth about $32,000. Global Retirement Partners LLC bought a new position in shares of Applied Industrial Technologies during the second quarter valued at approximately $37,000. Kilter Group LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter worth approximately $40,000. Los Angeles Capital Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $46,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 78 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Down 0.1%

Shares of NYSE:AIT opened at $325.36 on Monday. The business’s 50 day moving average is $339.15 and its 200 day moving average is $309.68. The stock has a market cap 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, Inc. has a 52-week low of $238.34 and a 52-week 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 issued its 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. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the company posted $2.80 EPS. Applied Industrial Technologies’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. Sell-side analysts predict that Applied Industrial Technologies, Inc. will post 11.96 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Friday, August 14th. Applied Industrial Technologies’s payout ratio is presently 18.61%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, Director Madhuri A. Andrews sold 3,845 shares of the company’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 sale, the director 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Wallace sold 1,904 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total transaction of $648,216.80. Following the transaction, the director owned 22,859 shares in the company, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,561 shares of company stock valued at $2,560,085 over the last three months. 1.60% of the stock is owned by company insiders.

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.