Corebridge Financial Inc. Has $13.74 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Corebridge Financial Inc. reduced its stake in Applied Industrial Technologies by 2.2%, selling 1,386 shares, and now owns approximately 60,973 shares valued at $13.74 million.
• Applied Industrial Technologies reported earnings per share of $2.80 for the recent quarter, exceeding analysts' expectations of $2.60, and set a FY 2026 EPS guidance of 10.000-10.75.
• The company announced a stock buyback program allowing the repurchase of 1.5 million shares, indicating that the board believes its stock is undervalued.

Corebridge Financial Inc. lowered its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 60,973 shares of the industrial products company's stock after selling 1,386 shares during the period. Corebridge Financial Inc. owned 0.16% of Applied Industrial Technologies worth $13,740,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after purchasing an additional 44 shares during the period. Harbor Investment Advisory LLC lifted its holdings in Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after purchasing an additional 79 shares during the period. Wayfinding Financial LLC acquired a new stake in Applied Industrial Technologies in the first quarter worth about $38,000. Opal Wealth Advisors LLC acquired a new stake in Applied Industrial Technologies in the first quarter worth about $41,000. Finally, First Horizon Advisors Inc. lifted its holdings in Applied Industrial Technologies by 31.1% in the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after purchasing an additional 51 shares during the period. Institutional investors own 93.52% of the company's stock.

Insider Buying and Selling

In related news, VP Jason W. Vasquez sold 7,466 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $260.08, for a total value of $1,941,757.28. Following the transaction, the vice president owned 14,491 shares in the company, valued at approximately $3,768,819.28. This represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Neil A. Schrimsher sold 26,671 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was 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 in the company, valued at $39,299,448.10. This represents a 15.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,660 shares of company stock worth $11,217,980. Insiders own 1.67% of the company's stock.

Applied Industrial Technologies Trading Down 1.1%

AIT stock traded down $3.04 during mid-day trading on Friday, reaching $263.43. 154,024 shares of the stock traded hands, compared to its average volume of 302,576. The company has a market cap of $9.94 billion, a P/E ratio of 26.03, a P/E/G ratio of 2.78 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 52-week low of $191.31 and a 52-week high of $282.98. The company has a current ratio of 3.32, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The stock's fifty day moving average is $258.15 and its 200-day moving average is $240.39.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued 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. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.The firm's quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

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

Analysts Set New Price Targets

AIT has been the subject of a number of research analyst reports. Robert W. Baird upped their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Raymond James Financial downgraded shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Oppenheimer upped their price target on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Finally, Bank of America upped their price target on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Moderate Buy" and an average price target of $285.00.

About Applied Industrial Technologies

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.