Caldwell Investment Management Ltd. Buys New Shares in Applied Industrial Technologies, Inc. $AIT

Caldwell Investment Management Ltd. purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,600 shares of the industrial products company’s stock, valued at approximately $879,000. Applied Industrial Technologies accounts for 0.6% of Caldwell Investment Management Ltd.’s holdings, making the stock its 24th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Applied Industrial Technologies during the fourth quarter worth about $125,044,000. Thrivent Financial for Lutherans raised its holdings in shares of Applied Industrial Technologies by 1,628.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock worth $50,570,000 after purchasing an additional 185,553 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Applied Industrial Technologies by 40.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock valued at $5,539,000 after purchasing an additional 6,254 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in shares of Applied Industrial Technologies by 38.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock valued at $24,762,000 after purchasing an additional 26,612 shares in the last quarter. Finally, Moran Wealth Management LLC grew its holdings in shares of Applied Industrial Technologies by 86.5% during the 1st quarter. Moran Wealth Management LLC now owns 26,333 shares of the industrial products company’s stock worth $6,987,000 after purchasing an additional 12,211 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Ratings Changes

AIT has been the topic of several research reports. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Mizuho increased their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. DA Davidson raised their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $400.00.

Applied Industrial Technologies Stock Up 0.3%

NYSE:AIT opened at $341.38 on Friday. The company has a market capitalization of $12.53 billion, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 2.73 and a beta of 0.84. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The stock has a 50-day simple moving average of $340.04 and a 200 day simple moving average of $306.27. 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 released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating 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 firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the firm earned $2.80 earnings per share. The firm’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. Sell-side analysts predict that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Insider Buying and Selling

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

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.