Amundi Purchases 20,338 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• Amundi increased its Applied Industrial Technologies stake by 11.6% in the second quarter, acquiring 20,338 shares and bringing its holdings to 195,245 shares valued at approximately $66 million. Institutional investors collectively own 93.52% of the company.
• Analysts remain bullish, with seven Buy ratings and a consensus price target of $400. Applied Industrial Technologies also exceeded quarterly earnings and revenue expectations, reporting $3.17 in EPS and $1.35 billion in revenue, up 10.5% year over year.
• AIT shares opened at $318.54, down 1.9%, while the company declared a quarterly dividend of $0.51, equivalent to a $2.04 annual payout and a 0.6% yield. Several insiders, including the CFO and a director, sold shares during the quarter.

Amundi increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 11.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 195,245 shares of the industrial products company's stock after buying an additional 20,338 shares during the period. Amundi owned 0.53% of Applied Industrial Technologies worth $66,022,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $32,000. Global Retirement Partners LLC bought a new stake in Applied Industrial Technologies during the second quarter worth approximately $37,000. Kilter Group LLC bought a new stake in Applied Industrial Technologies during the second quarter worth approximately $40,000. Smartleaf Asset Management LLC raised its position in Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after purchasing an additional 78 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at approximately $46,000. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. KeyCorp raised their target price on shares of 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 upped their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a report on Friday, August 14th. DA Davidson increased their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Mizuho increased their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $400.00.

Applied Industrial Technologies Stock Down 1.9%

Shares of AIT opened at $318.54 on Friday. The firm has a fifty day moving average price of $338.33 and a 200-day moving average price of $310.91. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $11.69 billion, a P/E ratio of 29.06, a P/E/G ratio of 2.61 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.29 billion. During the same period in the prior year, the firm earned $2.80 EPS. The company's revenue for the quarter 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. Equities research analysts expect that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were issued a $0.51 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies's payout ratio is currently 18.61%.

Insider Activity

In other news, Director Peter Wallace sold 1,904 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director owned 22,859 shares of the company's stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Wells sold 1,812 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,561 shares of company stock worth $2,560,085. 1.60% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Profile

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.

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