Corient Private Wealth LP Takes $1.37 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Corient Private Wealth initiated a $1.37 million position in Applied Industrial Technologies during the second quarter, while institutional investors collectively own 93.52% of AIT’s outstanding shares.
• Applied Industrial Technologies exceeded quarterly expectations, reporting $3.17 in earnings per share on $1.35 billion in revenue, with revenue rising 10.5% year over year.
• Analysts maintain a favorable outlook, with seven Buy ratings and an average price target of $400; the company also announced a quarterly dividend of $0.51 per share.

Corient Private Wealth LP bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,067 shares of the industrial products company's stock, valued at approximately $1,366,000.

Several other institutional investors and hedge funds have also made changes to their positions in AIT. Norges Bank acquired a new stake in Applied Industrial Technologies in the fourth quarter worth $125,044,000. Thrivent Financial for Lutherans raised its holdings in Applied Industrial Technologies by 1,628.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company's stock worth $50,570,000 after purchasing an additional 185,553 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Applied Industrial Technologies by 40.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company's stock worth $5,539,000 after purchasing an additional 6,254 shares during the period. Quantinno Capital Management LP boosted its stake in Applied Industrial Technologies by 89.0% during the 1st quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company's stock valued at $2,702,000 after purchasing an additional 4,794 shares in the last quarter. Finally, Van Hulzen Asset Management LLC acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at $2,341,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Price Performance

AIT stock opened at $325.36 on Friday. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The firm has a 50-day moving average of $339.15 and a two-hundred day moving average of $309.47. The firm has a market capitalization of $11.94 billion, a PE ratio of 29.69, a P/E/G ratio of 2.59 and a beta of 0.83. 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 released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.25. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm's quarterly revenue was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were issued a $0.51 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is presently 18.61%.

Wall Street Analyst Weigh In

AIT has been the topic of a number of research analyst reports. KeyCorp lifted their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Weiss Ratings restated a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Bank of America boosted their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Finally, DA Davidson increased their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies presently has an average rating of "Buy" and an average target price of $400.00.

Insider Activity

In related news, Director Peter C. Wallace sold 1,904 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company's stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director owned 4,951 shares of the company's stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 7,561 shares of company stock worth $2,560,085 over the last quarter. Corporate insiders own 1.60% of the company's stock.

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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