Amundi Increases Stake in Applied Industrial Technologies, Inc. $AIT

Key Points

• Amundi increased its stake in Applied Industrial Technologies, Inc. by 34.3%, purchasing an additional 12,332 shares to own approximately 0.13% of the company, valued at $10.47 million.
• Insiders, including VP Jason W. Vasquez and CEO Neil A. Schrimsher, sold significant amounts of stock on August 21, 2023, with total insider sales reaching $11.2 million in the last quarter.
• Applied Industrial Technologies reported earnings of $2.80 per share, exceeding analyst expectations and raising its FY 2026 EPS guidance between 10.000-10.75.

Amundi raised its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 34.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,320 shares of the industrial products company's stock after acquiring an additional 12,332 shares during the period. Amundi owned approximately 0.13% of Applied Industrial Technologies worth $10,469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of AIT. GAMMA Investing LLC increased its position in Applied Industrial Technologies by 34,002.9% during the first quarter. GAMMA Investing LLC now owns 318,180 shares of the industrial products company's stock valued at $716,990,000 after acquiring an additional 317,247 shares during the last quarter. Nuveen LLC bought a new position in Applied Industrial Technologies during the first quarter valued at $67,365,000. Alyeska Investment Group L.P. increased its position in Applied Industrial Technologies by 27.9% during the first quarter. Alyeska Investment Group L.P. now owns 602,798 shares of the industrial products company's stock valued at $135,835,000 after acquiring an additional 131,465 shares during the last quarter. Tidal Investments LLC increased its position in Applied Industrial Technologies by 2,936.6% during the fourth quarter. Tidal Investments LLC now owns 69,265 shares of the industrial products company's stock valued at $16,587,000 after acquiring an additional 66,984 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Applied Industrial Technologies by 62.5% in the first quarter. Ameriprise Financial Inc. now owns 162,990 shares of the industrial products company's stock worth $36,728,000 after purchasing an additional 62,710 shares during the last quarter. Institutional investors own 93.52% of the company's stock.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 26,671 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $262.46, for a total value of $7,000,070.66. Following the sale, the chief executive officer directly owned 149,735 shares in the company, valued at approximately $39,299,448.10. This trade represents a 15.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kurt W. Loring sold 8,523 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the completion of the sale, the vice president owned 19,273 shares in the company, valued at $5,147,047.38. This represents a 30.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,660 shares of company stock worth $11,217,980. Corporate insiders own 1.67% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AIT shares. Industrial Alliance Securities set a $290.00 price target on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Bank of America upped their price target 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. Raymond James Financial cut shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Robert W. Baird upped their price target 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Applied Industrial Technologies has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Stock Down 2.5%

NYSE:AIT traded down $6.65 during mid-day trading on Friday, reaching $263.03. The company's stock had a trading volume of 166,022 shares, compared to its average volume of 221,121. Applied Industrial Technologies, Inc. has a 1 year low of $199.96 and a 1 year high of $282.98. The stock has a fifty day moving average of $263.67 and a 200-day moving average of $240.89. The firm has a market capitalization of $9.93 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. 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 released its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $2.64 earnings per share. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies Profile

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.