Comerica Bank Has $6.88 Million Stake in Applied Industrial Technologies, Inc. $AIT

Key Points

• Comerica Bank increased its stake in Applied Industrial Technologies by 9.8%, owning 30,538 shares worth $6.88 million at the end of the latest quarter.
• Applied Industrial Technologies reported strong earnings with $2.80 EPS for the quarter, exceeding expectations, and forecasted FY 2026 EPS guidance of 10.000-10.75.
• A recent stock repurchase plan allows the company to buy back 1.5 million shares, signaling management's belief that the stock is undervalued.

Comerica Bank grew its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,538 shares of the industrial products company's stock after purchasing an additional 2,715 shares during the period. Comerica Bank owned about 0.08% of Applied Industrial Technologies worth $6,882,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Oliver Luxxe Assets LLC raised its holdings in Applied Industrial Technologies by 12.9% in the first quarter. Oliver Luxxe Assets LLC now owns 6,235 shares of the industrial products company's stock worth $1,405,000 after purchasing an additional 712 shares during the period. Jump Financial LLC raised its holdings in Applied Industrial Technologies by 3.7% in the first quarter. Jump Financial LLC now owns 1,895 shares of the industrial products company's stock worth $427,000 after purchasing an additional 68 shares during the period. SVB Wealth LLC acquired a new stake in Applied Industrial Technologies in the first quarter worth $48,000. Ameriprise Financial Inc. raised its holdings in Applied Industrial Technologies by 62.5% in the first quarter. Ameriprise Financial Inc. now owns 162,990 shares of the industrial products company's stock worth $36,728,000 after purchasing an additional 62,710 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Applied Industrial Technologies by 3.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 320,284 shares of the industrial products company's stock worth $72,174,000 after purchasing an additional 10,667 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 26,671 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $262.46, for a total value of $7,000,070.66. Following the completion of the transaction, the chief executive officer owned 149,735 shares of the company's stock, valued at $39,299,448.10. This trade represents a 15.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jason W. Vasquez sold 7,466 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $260.08, for a total transaction of $1,941,757.28. Following the completion of the transaction, the vice president directly owned 14,491 shares of the company's stock, valued at approximately $3,768,819.28. This trade represents a 34.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,660 shares of company stock valued at $11,217,980 in the last quarter. Company insiders own 1.67% of the company's stock.

Applied Industrial Technologies Stock Down 1.1%

Applied Industrial Technologies stock traded down $3.04 during mid-day trading on Friday, reaching $263.43. The company's stock had a trading volume of 154,024 shares, compared to its average volume of 302,576. The company has a market capitalization of $9.94 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 2.78 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 12 month low of $191.31 and a 12 month high of $282.98. The business's 50 day simple moving average is $258.15 and its 200 day simple moving average is $240.39. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 3.32.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, beating analysts' consensus estimates of $2.60 by $0.20. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the firm earned $2.64 earnings per share. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Applied Industrial Technologies's dividend payout ratio (DPR) is 18.18%.

Analyst Ratings Changes

AIT has been the subject of several research reports. Industrial Alliance Securities set a $290.00 price objective on shares of Applied Industrial Technologies in a research report on Friday, August 22nd. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Oppenheimer increased their price objective on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Bank of America increased their price objective on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Finally, Raymond James Financial downgraded shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.