Engineers Gate Manager LP Lowers Stock Position in Applied Industrial Technologies, Inc. $AIT

Engineers Gate Manager LP trimmed its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 23.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,083 shares of the industrial products company’s stock after selling 9,643 shares during the quarter. Engineers Gate Manager LP owned about 0.09% of Applied Industrial Technologies worth $10,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AIT. Global Retirement Partners LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth approximately $37,000. Kilter Group LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at $40,000. Anchor Investment Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $32,000. Silvant Capital Management LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter valued at $54,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after buying an additional 78 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CFO David Wells sold 1,812 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was 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 owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Madhuri Andrews sold 3,845 shares of Applied Industrial Technologies 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 completion of 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. Over the last three months, insiders sold 7,561 shares of company stock valued at $2,560,085. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AIT. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. DA Davidson raised their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. 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 research note on Friday, August 14th. Finally, Oppenheimer increased their target price on Applied Industrial Technologies from $350.00 to $390.00 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, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $400.00.

Applied Industrial Technologies Stock Performance

AIT opened at $318.54 on Friday. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 29.06, a PEG ratio of 2.61 and a beta of 0.83. The company has a fifty day moving average of $338.33 and a 200 day moving average of $310.91. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. 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 results 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. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the previous year, the company earned $2.80 EPS. The business’s quarterly 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. As a group, sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc (NYSE: AIT) is a distributor and value-added service provider for industrial and maintenance, repair and operations (MRO) markets. The company supplies products used to keep manufacturing, processing, infrastructure and other industrial operations running, including bearings, power-transmission components, industrial motion products, fluid power equipment, hose and fittings, industrial rubber products, safety supplies and automation components.

In addition to product distribution, Applied Industrial Technologies provides engineering, design, fabrication, repair, assembly, technical support and other application-focused services.