Canada Pension Plan Investment Board Takes $16.22 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Canada Pension Plan Investment Board acquired 47,980 shares of Applied Industrial Technologies worth approximately $16.22 million, giving it a 0.13% stake. Institutional investors collectively own 93.52% of the company.
• Applied Industrial Technologies exceeded quarterly expectations, reporting $3.17 EPS versus the $2.92 consensus and $1.35 billion in revenue, up 10.5% year over year. The company also declared a $0.51 quarterly dividend, equivalent to a 0.6% yield.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and an average price target of $400, while recent targets range as high as $420. Shares opened at $321.09, below their 52-week high of $374.80.

Canada Pension Plan Investment Board purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 47,980 shares of the industrial products company's stock, valued at approximately $16,224,000. Canada Pension Plan Investment Board owned 0.13% of Applied Industrial Technologies as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Applied Industrial Technologies in the 2nd quarter valued at approximately $1,336,805,000. Corient Private Wealth LLC increased its position in Applied Industrial Technologies by 22,451.0% during the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company's stock worth $150,319,000 after purchasing an additional 582,827 shares during the period. Norges Bank purchased a new position in shares of Applied Industrial Technologies during the 4th quarter worth approximately $125,044,000. Bank of New York Mellon Corp purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $93,672,000. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in shares of Applied Industrial Technologies by 4,933.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company's stock valued at $67,935,000 after buying an additional 259,319 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

AIT opened at $321.09 on Friday. The stock has a market cap of $11.78 billion, a P/E ratio of 29.30, a P/E/G ratio of 2.72 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The stock's 50 day simple moving average is $340.60 and its 200 day simple moving average is $308.11. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $374.80.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations 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 revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Insider Buying and Selling

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the firm's stock in a transaction dated 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 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter C. Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction dated 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 approximately $7,782,346.55. The trade was a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,561 shares of company stock worth $2,560,085 in the last three months. Corporate insiders own 1.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Robert W. Baird lifted their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Mizuho raised their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an "outperform" rating in a report on Friday, August 14th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Bank of America increased their price target 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. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $400.00.

About Applied Industrial Technologies

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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