Truist Financial Corp Sells 8,812 Shares of Applied Industrial Technologies, Inc. $AIT

Truist Financial Corp trimmed its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 62.6% in the fourth quarter, HoldingsChannel reports. The fund owned 5,269 shares of the industrial products company’s stock after selling 8,812 shares during the period. Truist Financial Corp’s holdings in Applied Industrial Technologies were worth $1,353,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Torren Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $25,000. Smartleaf Asset Management LLC lifted its holdings in shares of Applied Industrial Technologies by 890.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 99 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 89 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $27,000. Abich Financial Wealth Management LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter worth approximately $29,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Applied Industrial Technologies in the 4th quarter worth approximately $34,000. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Trading Down 2.6%

NYSE:AIT opened at $307.46 on Friday. The company has a fifty day moving average of $282.03 and a 200 day moving average of $271.85. Applied Industrial Technologies, Inc. has a 52 week low of $218.48 and a 52 week high of $317.10. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $11.36 billion, a P/E ratio of 29.03, a P/E/G ratio of 3.01 and a beta of 0.86.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the business posted $2.57 EPS. The firm’s revenue was up 7.3% compared to the same quarter last year. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 10.7 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Friday, May 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, May 15th. Applied Industrial Technologies’s dividend payout ratio is currently 19.26%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the transaction, the vice president directly owned 40,751 shares in the company, valued at approximately $12,471,436.04. This represents a 16.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AIT shares. Wall Street Zen lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Robert W. Baird set a $317.00 price objective on shares of Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $300.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, February 26th. Oppenheimer upped their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $313.67.

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.