Almanack Investment Partners LLC. Makes New Investment in Applied Industrial Technologies, Inc. $AIT

Key Points

• Almanack Investment Partners LLC acquired a new stake in Applied Industrial Technologies, purchasing 7,619 shares valued at approximately $1,771,000 during the second quarter.
• Applied Industrial Technologies recently reported earnings per share (EPS) of $2.80 for the last quarter, exceeding analysts' expectations of $2.60, and achieved a revenue of $1.22 billion.
• Insider trading activity includes CEO Neil A. Schrimsher selling 26,671 shares, resulting in a 15.12% decrease in their ownership of the company's stock.

Almanack Investment Partners LLC. bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,619 shares of the industrial products company's stock, valued at approximately $1,771,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in Applied Industrial Technologies by 2.9% in the second quarter. GAMMA Investing LLC now owns 1,453 shares of the industrial products company's stock valued at $338,000 after purchasing an additional 41 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Applied Industrial Technologies by 31.1% during the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after purchasing an additional 51 shares during the last quarter. Focus Partners Wealth lifted its holdings in Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock worth $302,000 after purchasing an additional 58 shares during the last quarter. Contravisory Investment Management Inc. lifted its holdings in Applied Industrial Technologies by 9.9% during the 2nd quarter. Contravisory Investment Management Inc. now owns 645 shares of the industrial products company's stock worth $150,000 after purchasing an additional 58 shares during the last quarter. Finally, Jump Financial LLC lifted its holdings in Applied Industrial Technologies by 3.7% during the 1st quarter. Jump Financial LLC now owns 1,895 shares of the industrial products company's stock worth $427,000 after purchasing an additional 68 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $245.81 on Monday. The company has a market cap of $9.28 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 2.60 and a beta of 0.96. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $282.98. The business has a 50 day moving average price of $262.58 and a 200-day moving average price of $244.79. The company has a quick ratio of 2.36, a current ratio of 3.32 and a debt-to-equity ratio of 0.31.

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 EPS for the quarter, topping the consensus estimate of $2.60 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.The company's quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business posted $2.64 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Insider Transactions at Applied Industrial Technologies

In other news, CEO Neil A. Schrimsher sold 26,671 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total value of $7,000,070.66. Following the completion of the transaction, the chief executive officer directly owned 149,735 shares of the company's stock, valued at $39,299,448.10. This trade represents a 15.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jason W. Vasquez sold 7,466 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $260.08, for a total value of $1,941,757.28. Following the completion of the transaction, the vice president directly owned 14,491 shares of the company's stock, valued at $3,768,819.28. The trade was a 34.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,660 shares of company stock valued at $11,217,980 over the last three months. Company insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James Financial cut Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Oppenheimer boosted their price objective on Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Bank of America boosted their price objective on Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Industrial Alliance Securities set a $290.00 price target on Applied Industrial Technologies in a research report on Friday, August 22nd. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of "Moderate Buy" and a consensus price target 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.

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