Bank of Nova Scotia Makes New $25.29 Million Investment in Applied Industrial Technologies, Inc. $AIT

Key Points

• Bank of Nova Scotia acquired 74,801 shares of Applied Industrial Technologies, valued at approximately $25.3 million, giving it a 0.20% stake. Institutional investors collectively own 93.52% of the company.
• Applied Industrial Technologies exceeded quarterly expectations, reporting $3.17 in EPS versus the $2.92 consensus and $1.35 billion in revenue, up 10.5% year over year.
• Analysts remain bullish, with multiple firms raising price targets to $390–$400 and the stock carrying a consensus “Buy” rating. The company also declared a quarterly dividend of $0.51 per share, representing a 0.6% yield.

Bank of Nova Scotia acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 74,801 shares of the industrial products company's stock, valued at approximately $25,294,000. Bank of Nova Scotia owned approximately 0.20% of Applied Industrial Technologies as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Elevation Point Wealth Partners LLC purchased a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $379,000. Northwestern Mutual Wealth Management Co. purchased a new position in Applied Industrial Technologies during the second quarter valued at $125,000. Quantbot Technologies LP purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $2,594,000. Evolve Private Wealth LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth approximately $1,223,000. Finally, Emerald Investment Advisers LLC bought a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $11,572,000. Institutional investors own 93.52% of the company's stock.

Insider Buying and Selling

In related news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies 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 sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David K. Wells sold 1,812 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Mizuho raised their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Oppenheimer boosted their price objective 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. Wall Street Zen raised Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, DA Davidson increased their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $400.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $341.38 on Monday. The company has a market capitalization of $12.53 billion, a PE ratio of 31.15, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80. The stock's fifty day moving average is $340.04 and its two-hundred day moving average is $306.52. 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 (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 22.17% and a net margin of 8.35%.Applied Industrial Technologies's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be paid a $0.51 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.61%.

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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