Peter Wallace Sells 1,904 Shares of Applied Industrial Technologies (NYSE:AIT) Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) Director Peter Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $321.09 on Friday. The firm 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. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $374.80. The business’s 50 day moving average price is $340.60 and its two-hundred day moving average price is $308.11. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58.

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, topping the consensus estimate of $2.92 by $0.25. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $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 business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is 18.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. KeyCorp increased their price objective on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Mizuho boosted their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Bank of America increased their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Finally, Oppenheimer raised their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the company 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 currently has an average rating of “Buy” and a consensus target price of $400.00.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its holdings in shares of Applied Industrial Technologies by 32,761.6% during the second quarter. California State Teachers Retirement System now owns 14,593,201 shares of the industrial products company’s stock valued at $4,934,691,000 after buying an additional 14,548,793 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth about $1,336,805,000. Corient Private Wealth LLC lifted its position in Applied Industrial Technologies by 22,451.0% in the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock valued at $150,319,000 after acquiring an additional 582,827 shares in the last quarter. Norges Bank bought a new position in Applied Industrial Technologies in the 4th quarter valued at about $125,044,000. Finally, Bank of New York Mellon Corp acquired a new position in Applied Industrial Technologies during the 2nd quarter valued at about $93,672,000. 93.52% of the stock is owned by institutional investors.

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.