Evolve Private Wealth LLC Acquires New Stake in Applied Industrial Technologies, Inc. $AIT

Evolve Private Wealth LLC acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, HoldingsChannel reports. The firm acquired 3,616 shares of the industrial products company’s stock, valued at approximately $1,223,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in Applied Industrial Technologies by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock valued at $85,897,000 after acquiring an additional 14,926 shares during the last quarter. Empowered Funds LLC acquired a new position in Applied Industrial Technologies in the first quarter valued at $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Applied Industrial Technologies by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock valued at $22,162,000 after purchasing an additional 10,863 shares during the last quarter. Focus Partners Wealth lifted its position in Applied Industrial Technologies by 4.5% during the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock worth $302,000 after buying an additional 58 shares during the period. Finally, M&T Bank Corp purchased a new position in Applied Industrial Technologies during the second quarter worth about $217,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Activity at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director owned 4,951 shares of the company’s stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David K. Wells sold 1,812 shares of the company’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 completion of the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by company insiders.

Applied Industrial Technologies Stock Down 0.1%

Shares of NYSE AIT opened at $341.38 on Monday. The stock has a fifty day moving average price of $340.04 and a 200 day moving average price of $306.52. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80. The company has a market cap of $12.53 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.74 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the business earned $2.80 earnings per share. The company’s revenue 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. Research analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal 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 of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 18.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AIT shares. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. KeyCorp increased their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. 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, Bank of America upped their price objective on Applied Industrial Technologies from $380.00 to $390.00 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, the stock has a consensus rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies 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.