Redwood Investment Management LLC Invests $1.17 Million in Applied Industrial Technologies, Inc. $AIT

Redwood Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, Holdings Channel reports. The fund purchased 3,458 shares of the industrial products company’s stock, valued at approximately $1,169,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Applied Industrial Technologies in the second quarter worth about $1,336,805,000. First Trust Advisors LP lifted its position in Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock valued at $259,706,000 after purchasing an additional 249,961 shares during the period. Capital International Investors lifted its position in Applied Industrial Technologies by 25.4% during the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock valued at $247,250,000 after purchasing an additional 195,043 shares during the period. Wellington Management Group LLP boosted its stake in shares of Applied Industrial Technologies by 0.9% in the 4th quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company’s stock valued at $199,355,000 after purchasing an additional 6,953 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Applied Industrial Technologies by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company’s stock valued at $185,833,000 after purchasing an additional 3,348 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

Insiders Place Their Bets

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies 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 transaction, the chief financial officer directly owned 32,050 shares in the company, valued at approximately $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $341.93 on Thursday. The firm has a market capitalization of $12.55 billion, a P/E ratio of 31.20, a PEG ratio of 2.70 and a beta of 0.84. The business has a 50-day moving average of $340.96 and a 200-day moving average of $307.70. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. 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 released its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.25. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. Applied Industrial Technologies’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given 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 is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on AIT shares. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. KeyCorp lifted their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Mizuho upped their target price on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Robert W. Baird increased their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, Bank of America raised their price target 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. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Buy” and an average price target of $400.00.

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.