Bank of New York Mellon Corp acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 277,013 shares of the industrial products company's stock, valued at approximately $93,672,000. Bank of New York Mellon Corp owned 0.75% of Applied Industrial Technologies at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Focus Partners Advisor Solutions LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth about $914,000. GSA Capital Partners LLP acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $757,000. Tema ETFs LLC increased its holdings in shares of Applied Industrial Technologies by 20.2% during the second quarter. Tema ETFs LLC now owns 53,040 shares of the industrial products company's stock worth $17,935,000 after purchasing an additional 8,920 shares during the period. Ausbil Investment Management Ltd increased its stake in Applied Industrial Technologies by 3.3% during the 2nd quarter. Ausbil Investment Management Ltd now owns 12,662 shares of the industrial products company's stock worth $4,205,000 after acquiring an additional 400 shares during the period. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Applied Industrial Technologies during the 2nd quarter worth $254,000. 93.52% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the sale, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David K. 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 directly owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company's stock.
Applied Industrial Technologies Trading Down 0.8%
NYSE AIT opened at $338.74 on Tuesday. The business's 50-day moving average price is $340.49 and its two-hundred day moving average price is $306.99. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The firm has a market capitalization of $12.43 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.
Applied Industrial Technologies Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.61%.
Analyst Ratings Changes
AIT has been the subject of a number of recent analyst reports. DA Davidson upped their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. KeyCorp raised their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. Oppenheimer increased their price target on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Finally, Mizuho boosted their price objective on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $400.00.
View Our Latest Stock Report on AIT
Applied Industrial Technologies Profile
(
Free Report)
Applied Industrial Technologies, listed on the New York Stock Exchange under the symbol AIT, is a leading distributor of industrial products and services. The company offers a comprehensive range of bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Through its network of distribution centers and branch locations, Applied Industrial Technologies serves diverse end markets including manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.
Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies has grown through a combination of organic expansion and strategic acquisitions.
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