Amundi Purchases 12,332 Shares of 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 increased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 34.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,320 shares of the industrial products company's stock after acquiring an additional 12,332 shares during the period. Amundi owned about 0.13% of Applied Industrial Technologies worth $10,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Applied Industrial Technologies by 51.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC raised its holdings in shares of Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after acquiring an additional 79 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter worth $38,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter worth $41,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 31.1% during the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after acquiring an additional 51 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $262.46, for a total transaction of $7,000,070.66. Following the transaction, the chief executive officer directly owned 149,735 shares in the company, valued at $39,299,448.10. The trade was a 15.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kurt W. Loring sold 8,523 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $267.06, for a total value of $2,276,152.38. Following the transaction, 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. Insiders have sold 42,660 shares of company stock worth $11,217,980 over the last three months. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock traded down $0.67 during trading on Monday, reaching $262.52. The company's stock had a trading volume of 174,600 shares, compared to its average volume of 200,452. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 3.32. The business's fifty day moving average price is $264.04 and its 200-day moving average price is $240.91. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. Applied Industrial Technologies, Inc. has a one year low of $199.96 and a one year high of $282.98.

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

Applied Industrial Technologies Announces Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on AIT shares. Oppenheimer increased their price objective on Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 15th. 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 research report on Friday, August 15th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. 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 research report on Friday, August 22nd. Finally, Raymond James Financial downgraded shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 15th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Company 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.