BlackRock Inc. Invests $1.34 Billion in Applied Industrial Technologies, Inc. $AIT

BlackRock Inc. bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,953,290 shares of the industrial products company's stock, valued at approximately $1,336,805,000. BlackRock Inc. owned about 10.70% of Applied Industrial Technologies as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Torren Management LLC acquired a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $25,000. Anchor Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $32,000. Global Retirement Partners LLC purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $37,000. Smartleaf Asset Management LLC lifted its position in shares of Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 78 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Down 1.9%

Shares of NYSE:AIT opened at $339.61 on Friday. The stock has a market capitalization of $12.46 billion, a PE ratio of 30.99, a P/E/G ratio of 2.78 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $374.80. The firm has a fifty day moving average price of $339.60 and a 200 day moving average price of $306.02. 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 announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The firm had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.29 billion. During the same quarter in the prior year, the business earned $2.80 earnings per share. The company's revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO David K. Wells sold 1,812 shares of the 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 completion of the sale, the chief financial officer directly owned 32,050 shares of the company's stock, 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.

Analysts Set New Price Targets

AIT has been the subject of several recent analyst reports. DA Davidson raised their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research report 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. Bank of America raised their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Oppenheimer lifted their target price 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, Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Buy" and an average price target of $384.29.

Applied Industrial Technologies Company 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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