91,367 Shares in Applied Industrial Technologies, Inc. $AIT Acquired by Palisade Capital Management LP

Palisade Capital Management LP bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 91,367 shares of the industrial products company’s stock, valued at approximately $30,896,000. Applied Industrial Technologies accounts for 1.3% of Palisade Capital Management LP’s investment portfolio, making the stock its 12th biggest position. Palisade Capital Management LP owned about 0.25% of Applied Industrial Technologies at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Torren Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter worth $25,000. Global Retirement Partners LLC bought a new position in Applied Industrial Technologies in the 2nd quarter worth $37,000. Kilter Group LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter worth $40,000. Anchor Investment Management LLC acquired a new position in Applied Industrial Technologies during the 4th quarter worth $32,000. Finally, Silvant Capital Management LLC bought a new stake in Applied Industrial Technologies during the second quarter valued at about $54,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AIT. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Bank of America boosted their price objective 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. Mizuho increased their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. KeyCorp raised their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $400.00.

Insider Buying and Selling

In related news, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was 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. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the transaction, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by company insiders.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $335.87 on Wednesday. The company’s fifty day moving average is $340.73 and its two-hundred day moving average is $307.31. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $374.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The firm has a market capitalization of $12.33 billion, a price-to-earnings ratio of 30.65, a P/E/G ratio of 2.72 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 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 during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the prior year, the business earned $2.80 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a $0.51 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 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.