Fuller & Thaler Asset Management Inc. Lowers Stock Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Fuller & Thaler Asset Management Inc. reduced its stake in Applied Industrial Technologies by 3.8%, selling 23,857 shares to end with 604,101 shares valued at approximately $136 million.
• Analysts have a consensus rating of "Moderate Buy" for the stock, with an average target price raised to $287.86, following recent upgrades and downgrades from various investment firms.
• The company reported earnings per share of $2.80 for the last quarter, exceeding estimates, with a revenue of $1.22 billion, marking a 5.5% year-over-year increase.

Fuller & Thaler Asset Management Inc. cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 604,101 shares of the industrial products company's stock after selling 23,857 shares during the period. Fuller & Thaler Asset Management Inc. owned approximately 1.59% of Applied Industrial Technologies worth $136,128,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Baird Financial Group Inc. boosted its position in Applied Industrial Technologies by 2.5% in the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock valued at $380,000 after buying an additional 39 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Applied Industrial Technologies by 51.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 44 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Applied Industrial Technologies by 31.1% in the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock valued at $48,000 after purchasing an additional 51 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Applied Industrial Technologies by 1.4% in the 4th quarter. Two Sigma Investments LP now owns 4,676 shares of the industrial products company's stock valued at $1,120,000 after purchasing an additional 64 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of Applied Industrial Technologies by 1.5% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 4,675 shares of the industrial products company's stock valued at $1,053,000 after purchasing an additional 70 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Neil A. Schrimsher sold 26,671 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $262.46, for a total value of $7,000,070.66. Following the sale, the chief executive officer owned 149,735 shares in the company, valued at $39,299,448.10. This represents a 15.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jason W. Vasquez sold 7,466 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $260.08, for a total transaction of $1,941,757.28. Following the completion of the sale, the vice president owned 14,491 shares in the company, valued at $3,768,819.28. The trade was a 34.00% decrease in their position. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AIT. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America boosted their price target on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a report on Friday. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Finally, Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $284.29.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded up $7.8130 during trading hours on Friday, hitting $266.5730. 264,082 shares of the company were exchanged, compared to its average volume of 407,938. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 3.20 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 52-week low of $191.31 and a 52-week high of $282.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. The company's 50 day moving average price is $253.41 and its 200-day moving average price is $240.42.

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

Applied Industrial Technologies announced that its board has authorized a share buyback program on Thursday, May 1st that allows the company to repurchase 1,500,000 outstanding shares. This repurchase authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Applied Industrial Technologies Announces Dividend

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

About Applied Industrial Technologies

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.