8,707 Shares in Applied Industrial Technologies, Inc. $AIT Acquired by Paralel Advisors LLC

Paralel Advisors LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, HoldingsChannel reports. The firm purchased 8,707 shares of the industrial products company’s stock, valued at approximately $2,944,000.

Several other hedge funds have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Applied Industrial Technologies by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock worth $85,897,000 after purchasing an additional 14,926 shares during the period. Empowered Funds LLC bought a new position in shares of Applied Industrial Technologies in the first quarter valued at about $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Applied Industrial Technologies by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after buying an additional 10,863 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after buying an additional 58 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $217,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 1.9%

Shares of Applied Industrial Technologies stock opened at $339.61 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The firm has a 50-day moving average of $339.60 and a 200-day moving average of $306.02. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $374.80. The stock has a market cap of $12.46 billion, a PE ratio of 30.99, a PEG ratio of 2.78 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping 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 analyst estimates of $1.29 billion. During the same period last year, the firm earned $2.80 earnings per share. Applied Industrial Technologies’s revenue for the quarter 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, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

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 given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies’s payout ratio is presently 18.61%.

Insider Buying and Selling

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction on 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 owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. KeyCorp increased their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” 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. DA Davidson boosted their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Robert W. Baird upped their target price 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. Finally, Oppenheimer increased their target price on 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, the stock has a consensus rating of “Buy” and a consensus price target of $384.29.

Applied Industrial Technologies Company 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.