Applied Industrial Technologies, Inc. $AIT Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its stake in Applied Industrial Technologies by 7.2% in the fourth quarter, though it still held 296,552 shares valued at about $76.1 million.
• Applied Industrial Technologies reported better-than-expected quarterly results, with EPS of $2.65 and revenue of $1.25 billion, both slightly above analyst estimates and up year over year.
• Wall Street sentiment remains positive, with several analysts raising price targets and the stock carrying a Moderate Buy consensus rating and average target price of $313.67.

Bank of New York Mellon Corp cut its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 296,552 shares of the industrial products company's stock after selling 23,018 shares during the period. Bank of New York Mellon Corp owned 0.80% of Applied Industrial Technologies worth $76,146,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AIT. Goldman Sachs Group Inc. increased its position in Applied Industrial Technologies by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company's stock worth $85,897,000 after buying an additional 14,926 shares during the period. Empowered Funds LLC acquired a new stake in Applied Industrial Technologies in the first quarter worth $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Applied Industrial Technologies by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company's stock worth $22,162,000 after purchasing an additional 10,863 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Applied Industrial Technologies by 4.5% in the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock worth $302,000 after purchasing an additional 58 shares in the last quarter. Finally, M&T Bank Corp bought a new position in shares of Applied Industrial Technologies in the second quarter worth $217,000. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Trading Up 2.7%

Shares of AIT stock opened at $322.91 on Wednesday. The stock has a 50-day simple moving average of $298.02 and a 200 day simple moving average of $278.62. Applied Industrial Technologies, Inc. has a fifty-two week low of $223.13 and a fifty-two week high of $324.34. The stock has a market capitalization of $11.93 billion, a P/E ratio of 30.49, a P/E/G ratio of 3.00 and a beta of 0.84. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.02. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the business posted $2.57 earnings per share. The company's quarterly revenue was up 7.3% on a year-over-year basis. 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, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 10.7 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 19.26%.

Insiders Place Their Bets

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 stock was sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the completion of the transaction, the vice president owned 40,751 shares of the company's stock, valued at $12,471,436.04. This trade represents a 16.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AIT has been the subject of several recent analyst reports. Oppenheimer increased their price target on 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 Applied Industrial Technologies in a research note on Wednesday, April 29th. Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Friday, April 24th. Wall Street Zen cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, KeyCorp increased their price target on Applied Industrial Technologies from $300.00 to $330.00 and gave the stock an "overweight" rating in a research note on Thursday, February 26th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $313.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.