Applied Industrial Technologies, Inc. $AIT Shares Sold by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners LLC cut its Applied Industrial Technologies stake by 98.8% in the third quarter, selling 79,074 shares and retaining 926 shares valued at approximately $308,000.
• Institutional investors and hedge funds own 93.52% of AIT’s outstanding stock, while company insiders own 1.60%; several other institutions recently increased or initiated positions.
• Analysts maintain a bullish outlook, with the stock carrying a consensus “Buy” rating and an average price target of $398.33. AIT also exceeded quarterly earnings and revenue expectations, reporting $3.17 in EPS and $1.35 billion in revenue.

Curated Wealth Partners LLC lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 98.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 926 shares of the industrial products company's stock after selling 79,074 shares during the period. Curated Wealth Partners LLC's holdings in Applied Industrial Technologies were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of AIT. Quantinno Capital Management LP raised its holdings in Applied Industrial Technologies by 89.0% in the first quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company's stock worth $2,702,000 after purchasing an additional 4,794 shares during the period. Hsbc Holdings PLC boosted its position in shares of Applied Industrial Technologies by 34.1% during the second quarter. Hsbc Holdings PLC now owns 27,891 shares of the industrial products company's stock worth $9,410,000 after purchasing an additional 7,092 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $8,916,000. Van Hulzen Asset Management LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $2,341,000. Finally, WINTON GROUP Ltd acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at $5,286,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Applied Industrial Technologies

In other 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 value of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David K. Wells sold 1,812 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on AIT shares. DA Davidson upped their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Robert W. Baird lifted their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Bank of America lifted their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a report on Friday, August 14th. KeyCorp boosted their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Finally, Weiss Ratings upgraded Applied Industrial Technologies from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $398.33.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $330.13 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. Applied Industrial Technologies, Inc. has a twelve month low of $238.72 and a twelve month high of $374.80. The firm's 50 day moving average price is $334.30 and its two-hundred day moving average price is $322.00. The firm has a market cap of $12.13 billion, a P/E ratio of 30.12, a PEG ratio of 2.64 and a beta of 0.85.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.25. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter in the prior year, the company earned $2.80 earnings per share. The business's quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 12.00 EPS for the current fiscal year.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.

Want to see what other hedge funds are holding AIT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report).

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.