Bank of America Corp DE Takes $70.95 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Bank of America acquired a new $70.95 million stake in Applied Industrial Technologies, purchasing 209,813 shares, or approximately 0.57% of the company. Institutional investors and hedge funds collectively own 93.52% of AIT.
• Applied Industrial Technologies reported strong quarterly results, with EPS of $3.17 beating estimates of $2.92 and revenue rising 10.5% year over year to $1.35 billion.
• Analysts maintain a bullish outlook: AIT has a consensus “Buy” rating and an average price target of $400, while the company pays a quarterly dividend of $0.51, yielding about 0.6% annually.

Bank of America Corp DE bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 209,813 shares of the industrial products company's stock, valued at approximately $70,948,000. Bank of America Corp DE owned about 0.57% of Applied Industrial Technologies as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of AIT. BlackRock Inc. bought a new stake in Applied Industrial Technologies in the second quarter worth approximately $1,336,805,000. Norges Bank bought a new position in shares of Applied Industrial Technologies during the 4th quarter worth approximately $125,044,000. Bank of New York Mellon Corp bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $93,672,000. First Trust Advisors LP grew its position in shares of Applied Industrial Technologies by 34.3% during the 1st 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 period. Finally, Capital International Investors grew its position in shares of Applied Industrial Technologies by 25.4% during the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company's stock worth $247,250,000 after buying an additional 195,043 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Up 1.3%

AIT stock opened at $321.09 on Friday. The firm has a market capitalization of $11.79 billion, a PE ratio of 29.30, a P/E/G ratio of 2.58 and a beta of 0.83. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80. The stock's 50 day moving average is $337.65 and its 200-day moving average is $312.25.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business's revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 11.96 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Friday, August 14th. Applied Industrial Technologies's payout ratio is presently 18.61%.

Wall Street Analyst Weigh In

AIT has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Bank of America upped their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a report on Friday, August 14th. Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. DA Davidson raised their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Finally, 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 report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $400.00.

Insider Transactions at Applied Industrial Technologies

In other news, Director Peter C. 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 transaction of $648,216.80. Following the transaction, the director owned 22,859 shares of the company's stock, valued at $7,782,346.55. This represents a 7.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David K. Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares of the company's stock, valued at $11,380,955. The trade was a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc NYSE: AIT is a distributor and value-added service provider for industrial and maintenance, repair and operations (MRO) markets. The company supplies products used to keep manufacturing, processing, infrastructure and other industrial operations running, including bearings, power-transmission components, industrial motion products, fluid power equipment, hose and fittings, industrial rubber products, safety supplies and automation components.

In addition to product distribution, Applied Industrial Technologies provides engineering, design, fabrication, repair, assembly, technical support and other application-focused services.

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