Assenagon Asset Management S.A. Increases Stock Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Applied Industrial Technologies, Inc. by 1,455.9%, acquiring an additional 70,395 shares during the second quarter, bringing its total to 75,230 shares valued at approximately $17.5 million.
• Several other institutional investors have also increased their positions, with hedge funds collectively owning 93.52% of the company's stock.
• Applied Industrial Technologies reported $2.80 earnings per share for the last quarter, surpassing analyst expectations, with revenue up 5.5% year-over-year.

Assenagon Asset Management S.A. grew its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 1,455.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 75,230 shares of the industrial products company's stock after acquiring an additional 70,395 shares during the quarter. Assenagon Asset Management S.A. owned about 0.20% of Applied Industrial Technologies worth $17,487,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Applied Industrial Technologies by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock valued at $699,000 after acquiring an additional 210 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Applied Industrial Technologies by 6.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after purchasing an additional 323 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Applied Industrial Technologies by 17.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after purchasing an additional 226 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Applied Industrial Technologies by 26.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after purchasing an additional 374 shares during the period. Finally, Spire Wealth Management lifted its stake in shares of Applied Industrial Technologies by 11.3% in the 1st quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock worth $582,000 after purchasing an additional 262 shares during the period. Hedge funds and other institutional investors own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 1.9%

AIT stock opened at $265.33 on Tuesday. The firm has a fifty day moving average price of $264.92 and a 200 day moving average price of $241.94. Applied Industrial Technologies, Inc. has a fifty-two week low of $199.96 and a fifty-two week high of $282.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 3.32. The firm has a market cap of $10.02 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.75 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $2.64 earnings per share. Applied Industrial Technologies's revenue for the quarter was up 5.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.46 per share. The ex-dividend date was Friday, August 15th. This represents a $1.84 dividend on an annualized basis and a yield of 0.7%. Applied Industrial Technologies's payout ratio is 18.18%.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 8,523 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the transaction, the vice president owned 19,273 shares in the company, valued at $5,147,047.38. The trade was a 30.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the chief executive officer owned 149,735 shares in the company, valued at $39,299,448.10. This trade represents a 15.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,660 shares of company stock worth $11,217,980 over the last quarter. Insiders own 1.60% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Raymond James Financial cut shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Company Profile

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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