Applied Industrial Technologies, Inc. $AIT Stock: EULAV Asset Management Raises Holdings

Key Points

• EULAV Asset Management increased its Applied Industrial Technologies stake by 6.7% in the third quarter, bringing its holdings to 143,740 shares worth approximately $47.8 million. Institutional investors collectively own 93.52% of AIT.
• Analysts remain broadly bullish, with seven Buy ratings and an average price target of $398.33, despite some target-price reductions and rating adjustments.
• Applied Industrial Technologies exceeded quarterly expectations, reporting $3.17 in earnings per share versus a $2.92 consensus estimate and revenue growth of 10.5% year over year. Shares opened at $316.34, below their 12-month high of $374.80.

EULAV Asset Management lifted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 143,740 shares of the industrial products company's stock after purchasing an additional 9,000 shares during the quarter. Applied Industrial Technologies accounts for approximately 1.7% of EULAV Asset Management's holdings, making the stock its 16th biggest holding. EULAV Asset Management owned approximately 0.39% of Applied Industrial Technologies worth $47,763,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new position in Applied Industrial Technologies during the 2nd quarter valued at about $1,336,805,000. First Trust Advisors LP grew its stake in Applied Industrial Technologies by 34.3% during the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company's stock worth $259,706,000 after buying an additional 249,961 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Applied Industrial Technologies during the second quarter worth about $93,672,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Applied Industrial Technologies by 12.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 259,786 shares of the industrial products company's stock worth $69,976,000 after buying an additional 28,546 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth approximately $70,948,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AIT. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Oppenheimer increased their price target on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Weiss Ratings cut Applied Industrial Technologies from a "buy (a-)" rating to a "buy (b)" rating in a report on Friday. Bank of America raised their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a report on Friday, August 14th. Finally, Mizuho cut their price objective on Applied Industrial Technologies from $400.00 to $390.00 and set an "outperform" rating for the company in a research report on Thursday, October 15th. Seven analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $398.33.

Insider Buying and Selling

In related news, CFO David Wells sold 1,812 shares of the business's 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 completion of the transaction, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. The trade was a 5.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Peter Wallace sold 1,904 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Down 0.2%

Shares of NYSE AIT opened at $316.34 on Monday. Applied Industrial Technologies, Inc. has a 12-month low of $238.72 and a 12-month high of $374.80. The firm's 50-day simple moving average is $331.41 and its 200 day simple moving average is $324.58. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 28.86, a price-to-earnings-growth ratio of 2.54 and a beta of 0.85.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter last year, the company posted $2.80 EPS. The company'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, research analysts expect that Applied Industrial Technologies, Inc. will post 12.00 earnings per share for the current fiscal year.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc NYSE: AIT is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.

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