Ieq Capital LLC Takes $8.98 Million Position in Applied Industrial Technologies, Inc. $AIT

Ieq Capital LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 26,547 shares of the industrial products company’s stock, valued at approximately $8,977,000.

A number of other large investors also recently bought and sold shares of AIT. BlackRock Inc. purchased a new stake in Applied Industrial Technologies during the second quarter worth $1,336,805,000. First Trust Advisors LP increased its holdings in shares of Applied Industrial Technologies by 34.3% in 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 acquiring an additional 249,961 shares during the period. Capital International Investors raised its position in shares of Applied Industrial Technologies by 25.4% in the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock worth $247,250,000 after acquiring an additional 195,043 shares in the last quarter. Wellington Management Group LLP raised its position 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 worth $199,355,000 after acquiring an additional 6,953 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Applied Industrial Technologies by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company’s stock worth $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 news, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares of the company’s stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction on 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 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. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AIT. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. KeyCorp boosted 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 increased their price target 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. Bank of America raised their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a report on Friday, August 14th. Finally, DA Davidson raised their price target 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. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $341.38 on Monday. The company has a 50 day moving average price of $340.04 and a 200 day moving average price of $306.52. The firm has a market capitalization of $12.53 billion, a P/E ratio of 31.15, a PEG ratio of 2.74 and a beta of 0.84. 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, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results 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. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm earned $2.80 EPS. Applied Industrial Technologies’s 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. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend 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%.

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.