Applied Industrial Technologies, Inc. $AIT Position Increased by Allspring Global Investments Holdings LLC

Key Points

• Allspring increased its Applied Industrial Technologies stake by 14% in the third quarter, adding 29,726 shares to hold 241,561 shares valued at about $82 million. Institutional investors and hedge funds collectively own 93.52% of the company.
• Analysts rate AIT a Moderate Buy, with an average price target of $380; six analysts have Buy ratings and one has a Hold rating.
• Applied Industrial Technologies beat quarterly EPS estimates, reporting $2.97 per share versus $2.89 expected, while revenue rose 7.6% year over year to $1.29 billion. It also announced a quarterly dividend of $0.51 per share.

Allspring Global Investments Holdings LLC boosted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 14.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 241,561 shares of the industrial products company's stock after purchasing an additional 29,726 shares during the period. Allspring Global Investments Holdings LLC owned about 0.66% of Applied Industrial Technologies worth $81,983,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at $25,000. Global Retirement Partners LLC acquired a new position in shares of Applied Industrial Technologies in the second quarter worth $37,000. Kilter Group LLC purchased a new stake in shares of Applied Industrial Technologies during the second quarter worth $40,000. Silvant Capital Management LLC purchased a new stake in shares of Applied Industrial Technologies during the second quarter worth $54,000. Finally, Harbor Investment Advisory LLC acquired a new stake in Applied Industrial Technologies during the second quarter valued at $96,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AIT. Robert W. Baird cut their price target on Applied Industrial Technologies from $400.00 to $350.00 and set an "outperform" rating for the company in a research note on Wednesday, October 28th. 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 research note on Friday, August 14th. Mizuho dropped their price objective on Applied Industrial Technologies from $400.00 to $390.00 and set an "outperform" rating on the stock in a report on Thursday, October 15th. Bank of America raised their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Finally, Wall Street Zen cut shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, October 31st. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $380.00.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $297.58 on Tuesday. The business's 50-day simple moving average is $322.25 and its 200-day simple moving average is $309.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.90 and a current ratio of 2.89. Applied Industrial Technologies, Inc. has a 52 week low of $238.72 and a 52 week high of $374.80. The firm has a market cap of $10.86 billion, a price-to-earnings ratio of 26.40, a P/E/G ratio of 2.37 and a beta of 0.87.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $0.08. Applied Industrial Technologies had a net margin of 8.38% and a return on equity of 22.68%. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the firm earned $2.63 EPS. Applied Industrial Technologies's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts expect that Applied Industrial Technologies, Inc. will post 12.06 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 13th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.04 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's payout ratio is currently 18.05%.

Insider Transactions at Applied Industrial Technologies

In related news, Director Peter C. Wallace sold 1,904 shares of the business's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the transaction, the director owned 22,859 shares of the company's stock, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David K. 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 value of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares of the company's stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial products and provides engineering and related services to manufacturers and other industrial customers. Its offerings include bearings, power-transmission components, fluid-power products, automation equipment and general maintenance, repair and operations supplies.

The company also provides technical support, engineering, systems integration, repair and inventory-management services. These capabilities help customers maintain equipment, improve production processes and manage the supply of industrial components.

Founded in 1923, Applied Industrial Technologies is headquartered in Cleveland, Ohio, and serves customers across North America and in international markets.

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