Bank of Nova Scotia Boosts Stake in Applied Industrial Technologies, Inc. $AIT

Bank of Nova Scotia increased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 141.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,500 shares of the industrial products company's stock after acquiring an additional 24,345 shares during the period. Bank of Nova Scotia owned approximately 0.11% of Applied Industrial Technologies worth $11,011,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Torren Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $25,000. Anchor Investment Management LLC purchased a new position in shares of Applied Industrial Technologies in the fourth quarter valued at $32,000. V Square Quantitative Management LLC purchased a new position in shares of Applied Industrial Technologies in the fourth quarter valued at $34,000. Allworth Financial LP raised its stake in shares of Applied Industrial Technologies by 446.4% during the 3rd quarter. Allworth Financial LP now owns 153 shares of the industrial products company's stock worth $40,000 after buying an additional 125 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock worth $46,000 after buying an additional 78 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Analysts Set New Price Targets

AIT has been the topic of several recent research reports. Wall Street Zen lowered shares of Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Mizuho boosted their target price on shares of Applied Industrial Technologies from $330.00 to $355.00 and gave the company an "outperform" rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. DA Davidson started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a "buy" rating and a $380.00 price objective for the company. Finally, Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $300.00 to $350.00 and gave the company an "outperform" rating in a research note on Wednesday, April 29th. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $336.71.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the transaction, the vice president owned 40,751 shares in the company, valued at $12,471,436.04. The trade was a 16.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the completion of the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of AIT stock opened at $347.16 on Monday. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $348.09. The company has a market cap of $12.83 billion, a PE ratio of 32.78, a P/E/G ratio of 2.99 and a beta of 0.83. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19. The company's fifty day simple moving average is $323.78 and its 200-day simple moving average is $295.42.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.63 by $0.02. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The firm's revenue was up 7.3% compared to the same quarter last year. During the same period last year, the company posted $2.57 earnings per share. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. As a group, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's payout ratio is presently 19.26%.

Applied Industrial Technologies Profile

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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