Applied Industrial Technologies (NYSE:AIT) VP Kurt W. Loring Sells 8,523 Shares

Key Points

• Kurt Loring, VP of Applied Industrial Technologies, sold 8,523 shares of the company's stock for approximately $2.28 million, which represents a 30.66% decrease in his ownership.
• The company reported quarterly earnings of $2.80 per share, exceeding estimates of $2.60, with revenue of $1.22 billion, up 5.5% from the previous year.
• Applied Industrial Technologies has initiated a stock buyback program for 1.5 million shares, indicating management's belief that the stock is currently undervalued.

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) VP Kurt W. Loring sold 8,523 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the completion of the transaction, the vice president owned 19,273 shares in the company, valued at $5,147,047.38. This trade represents a 30.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded down $3.04 during trading on Friday, hitting $263.43. The company's stock had a trading volume of 154,024 shares, compared to its average volume of 302,576. The company has a 50-day moving average of $258.15 and a 200-day moving average of $240.39. Applied Industrial Technologies, Inc. has a 12 month low of $191.31 and a 12 month high of $282.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. The firm has a market cap of $9.95 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 2.81 and a beta of 0.94.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.20. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. During the same quarter in the prior year, the business earned $2.64 EPS. The business's quarterly revenue was up 5.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. On average, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.18%.

Institutional Trading of Applied Industrial Technologies

Institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. lifted its position in Applied Industrial Technologies by 2,033.3% in the second quarter. Hantz Financial Services Inc. now owns 128 shares of the industrial products company's stock worth $30,000 after buying an additional 122 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after buying an additional 44 shares during the last quarter. Rise Advisors LLC lifted its position in Applied Industrial Technologies by 111.1% in the first quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock worth $30,000 after buying an additional 70 shares during the last quarter. Maseco LLP bought a new stake in Applied Industrial Technologies in the second quarter worth $35,000. Finally, Harbor Investment Advisory LLC lifted its position in Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after buying an additional 79 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AIT has been the subject of several analyst reports. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Industrial Alliance Securities set a $290.00 target price on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Bank of America increased their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Finally, Robert W. Baird increased their target price on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 15th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Applied Industrial Technologies has a consensus rating of "Moderate Buy" and an average target price of $285.00.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.