Applied Industrial Technologies, Inc. $AIT Shares Bought by Principal Financial Group Inc.

Key Points

• Principal Financial Group increased its stake in Applied Industrial Technologies by 22.2% in the first quarter, bringing its holdings to 131,816 shares valued at about $34.97 million.
• Wall Street analysts remain largely positive on the stock, with six Buy ratings and one Hold; the consensus rating is Moderate Buy and the average price target is $329.57.
• Applied Industrial Technologies reported solid quarterly results, with EPS of $2.65 beating estimates and revenue of $1.25 billion topping forecasts, while also declaring a quarterly dividend of $0.51 per share.

Principal Financial Group Inc. boosted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 22.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 131,816 shares of the industrial products company's stock after buying an additional 23,964 shares during the period. Principal Financial Group Inc. owned 0.36% of Applied Industrial Technologies worth $34,973,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in AIT. Torren Management LLC purchased a new position in shares of Applied Industrial Technologies in the fourth quarter valued at approximately $25,000. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $32,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $34,000. Allworth Financial LP raised its stake in Applied Industrial Technologies by 446.4% in the 3rd quarter. Allworth Financial LP now owns 153 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 125 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Applied Industrial Technologies by 78.8% in the 4th 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 last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Friday, April 24th. DA Davidson began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a "buy" rating and a $380.00 target price for the company. Oppenheimer raised their price target on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 29th. Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. Finally, Wall Street Zen lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of "Moderate Buy" and an average target price of $329.57.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $336.35 on Friday. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $345.48. The company has a market cap of $12.43 billion, a price-to-earnings ratio of 31.76, a PEG ratio of 2.91 and a beta of 0.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The business's 50 day moving average price is $320.78 and its 200 day moving average price is $292.32.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts' consensus estimates of $2.63 by $0.02. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.57 earnings per share. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. On average, research analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies's payout ratio is presently 19.26%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 8,000 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the completion of the sale, the vice president directly owned 40,751 shares in the company, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm'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 owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company's stock.

About Applied Industrial Technologies

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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