10,068 Shares in Applied Industrial Technologies, Inc. $AIT Bought by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC acquired a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 10,068 shares of the industrial products company’s stock, valued at approximately $3,405,000.

Several other institutional investors also recently made changes to their positions in AIT. Empowered Funds LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $734,000. United Capital Financial Advisors LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at about $540,000. Jefferies Financial Group Inc. acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $755,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $3,852,000. Finally, Redwood Investment Management LLC purchased a new stake in Applied Industrial Technologies during the second quarter worth about $1,169,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the topic of several recent analyst reports. Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Oppenheimer boosted their price target 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. KeyCorp upped their price target on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Mizuho raised their price objective 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. Finally, DA Davidson lifted 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. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Buy” and a consensus target price of $400.00.

Insiders Place Their Bets

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction that occurred 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 sale, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,561 shares of company stock valued at $2,560,085. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $321.09 on Friday. 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 fifty-two week low of $238.34 and a fifty-two week high of $374.80. The business has a fifty day moving average of $340.60 and a 200-day moving average of $308.11. The stock has a market cap of $11.78 billion, a price-to-earnings ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last posted 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. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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