Alyeska Investment Group L.P. Decreases Stock Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Alyeska Investment Group reduced its Applied Industrial Technologies stake by 16.5% in the second quarter, selling 99,697 shares and retaining 503,070 shares valued at approximately $170.1 million. Institutional investors collectively own 93.52% of AIT.
• Applied Industrial Technologies reported quarterly EPS of $3.17, surpassing estimates of $2.92, while revenue rose 10.5% year over year to $1.35 billion. The company issued fiscal 2027 EPS guidance of $11.65 to $12.15.
• Analysts maintained a positive outlook, with multiple firms raising price targets and MarketBeat reporting a consensus “Buy” rating and average target of $400. The company also declared a quarterly dividend of $0.51 per share.

Alyeska Investment Group L.P. lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 16.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 503,070 shares of the industrial products company's stock after selling 99,697 shares during the period. Alyeska Investment Group L.P. owned about 1.37% of Applied Industrial Technologies worth $170,113,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AIT. Van ECK Associates Corp grew its position in Applied Industrial Technologies by 0.6% during the 2nd quarter. Van ECK Associates Corp now owns 33,719 shares of the industrial products company's stock worth $11,402,000 after acquiring an additional 206 shares during the last quarter. Navellier & Associates Inc. raised its holdings in Applied Industrial Technologies by 20.4% during the 2nd quarter. Navellier & Associates Inc. now owns 2,814 shares of the industrial products company's stock valued at $952,000 after buying an additional 476 shares during the last quarter. Hsbc Holdings PLC boosted its position in Applied Industrial Technologies by 34.1% during the 2nd quarter. Hsbc Holdings PLC now owns 27,891 shares of the industrial products company's stock valued at $9,410,000 after buying an additional 7,092 shares during the period. Fox Hill Wealth Management purchased a new stake in Applied Industrial Technologies during the 2nd quarter valued at $438,000. Finally, Kingsview Wealth Management LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter worth $3,405,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $321.09 on Friday. 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 one year low of $238.34 and a one year high of $374.80. The company has a 50-day simple moving average of $340.60 and a two-hundred day simple moving average of $308.11. The firm has a market capitalization of $11.78 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating 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 business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same period in the previous year, the firm posted $2.80 EPS. The business's revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is currently 18.61%.

Insider Transactions at Applied Industrial Technologies

In related news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies 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 $11,380,955. This trade represents a 5.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,561 shares of company stock valued at $2,560,085 in the last three months. 1.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AIT. DA Davidson boosted 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. Oppenheimer increased their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. KeyCorp increased their price objective on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Bank of America lifted their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Finally, Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average 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.

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