Allspring Global Investments Holdings LLC decreased its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 13.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 311,567 shares of the industrial products company's stock after selling 48,537 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.82% of Applied Industrial Technologies worth $75,443,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Rise Advisors LLC grew its position in Applied Industrial Technologies by 111.1% in the 1st quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock valued at $30,000 after buying an additional 70 shares in the last quarter. Maseco LLP acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $35,000. Wayfinding Financial LLC bought a new position in shares of Applied Industrial Technologies in the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, First Horizon Advisors Inc. raised its holdings in Applied Industrial Technologies by 31.1% during the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after purchasing an additional 51 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have issued reports on AIT. Raymond James Financial lowered Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Industrial Alliance Securities set a $290.00 target price on Applied Industrial Technologies in a report on Friday, August 22nd. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 15th. Finally, Bank of America boosted their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $285.00.
Read Our Latest Report on Applied Industrial Technologies
Insiders Place Their Bets
In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $262.46, for a total transaction of $7,000,070.66. Following the sale, the chief executive officer directly owned 149,735 shares of the company's stock, valued at $39,299,448.10. The trade was a 15.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Kurt W. Loring sold 8,523 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total value of $2,276,152.38. Following the completion of the sale, the vice president directly owned 19,273 shares of the company's stock, valued at approximately $5,147,047.38. This trade represents a 30.66% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,660 shares of company stock worth $11,217,980. Corporate insiders own 1.60% of the company's stock.
Applied Industrial Technologies Price Performance
NYSE AIT opened at $247.09 on Tuesday. The stock's 50-day moving average price is $262.18 and its two-hundred day moving average price is $244.94. The company has a current ratio of 3.32, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The company has a market cap of $9.33 billion, a PE ratio of 24.42, a PEG ratio of 2.60 and a beta of 0.96. Applied Industrial Technologies, Inc. has a 1 year low of $199.96 and a 1 year high of $282.98.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 14th. The industrial products company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.60 by $0.20. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. During the same period last year, the company posted $2.64 earnings per share. The business's revenue for the quarter was up 5.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. On average, analysts predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.
About Applied Industrial Technologies
(
Free Report)
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.
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