David Wells Sells 1,812 Shares of Applied Industrial Technologies (NYSE:AIT) Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) CFO David Wells sold 1,812 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. The trade was a 5.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Applied Industrial Technologies Price Performance

AIT stock opened at $341.38 on Friday. The company’s 50-day moving average is $340.04 and its 200-day moving average is $306.27. The stock has a market capitalization of $12.53 billion, a PE ratio of 31.15, a price-to-earnings-growth ratio of 2.73 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $374.80.

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 return on equity of 22.17% and a net margin of 8.35%.The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter last year, the firm posted $2.80 earnings per share. The company’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. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders 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 yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AIT shares. DA Davidson increased their price objective 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. Wall Street Zen raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Mizuho boosted their price objective on shares of 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, Robert W. Baird boosted their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Buy” and an average target price of $400.00.

Hedge Funds Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Torren Management LLC bought a new position in Applied Industrial Technologies during the 4th quarter valued at approximately $25,000. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter worth about $32,000. Global Retirement Partners LLC bought a new position in shares of Applied Industrial Technologies during the second quarter valued at approximately $37,000. Kilter Group LLC bought a new position in Applied Industrial Technologies during the 2nd quarter valued at approximately $40,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 78 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Company Profile

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.