Hsbc Holdings PLC Buys Shares of 27,891 Applied Industrial Technologies, Inc. $AIT

Hsbc Holdings PLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 27,891 shares of the industrial products company’s stock, valued at approximately $9,410,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Torren Management LLC bought a new stake in Applied Industrial Technologies during the 4th quarter worth approximately $25,000. Anchor Investment Management LLC bought a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $32,000. Global Retirement Partners LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $37,000. Kilter Group LLC bought a new position in Applied Industrial Technologies in the second quarter valued at approximately $40,000. Finally, Smartleaf Asset Management LLC increased its holdings in Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after buying an additional 78 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AIT shares. Robert W. Baird raised their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. DA Davidson boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Oppenheimer upped their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Buy” and a consensus price target of $400.00.

Insider Activity

In other news, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 7,561 shares of company stock worth $2,560,085. Insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $321.09 on Friday. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The company has a market cap of $11.78 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 2.72 and a beta of 0.84. The company has a 50 day moving average of $340.60 and a 200-day moving average of $308.11. 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 announced its quarterly earnings data 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 net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period last year, the firm posted $2.80 earnings per share. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a $0.51 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 18.61%.

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.