Applied Industrial Technologies, Inc. $AIT Position Cut by Cramer Rosenthal Mcglynn LLC

Key Points

• Cramer Rosenthal Mcglynn LLC reduced its stake in Applied Industrial Technologies by 6.8%, selling 3,652 shares, and now holds approximately $11.3 million worth of the stock.
• Recent analyst reports have led to varied ratings for Applied Industrial Technologies, with price targets ranging from $265 to $300, reflecting a consensus rating of "Moderate Buy."
• Applied Industrial Technologies recently announced a quarterly dividend of $0.46 per share and has approved a stock buyback plan for up to 1.5 million shares, indicating confidence in its valuation.

Cramer Rosenthal Mcglynn LLC decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,193 shares of the industrial products company's stock after selling 3,652 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.13% of Applied Industrial Technologies worth $11,310,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Applied Industrial Technologies by 260.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 74,175 shares of the industrial products company's stock worth $16,715,000 after acquiring an additional 53,590 shares in the last quarter. Comerica Bank lifted its stake in shares of Applied Industrial Technologies by 9.8% in the first quarter. Comerica Bank now owns 30,538 shares of the industrial products company's stock worth $6,882,000 after acquiring an additional 2,715 shares in the last quarter. Oliver Luxxe Assets LLC lifted its stake in shares of 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 acquiring an additional 712 shares in the last quarter. Jump Financial LLC lifted its stake in shares of 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 acquiring an additional 68 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Applied Industrial Technologies in the first quarter worth about $48,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Insider Buying and Selling

In related news, 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 directly owned 149,735 shares of the company's stock, valued at $39,299,448.10. This represents a 15.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the vice president directly owned 14,491 shares of the company's stock, valued at $3,768,819.28. This trade represents a 34.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,660 shares of company stock valued at $11,217,980 in the last three months. 1.67% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on AIT. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Raymond James Financial cut Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Bank of America upped their price objective on Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Robert W. Baird upped their price objective on Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 15th. Finally, Industrial Alliance Securities set a $290.00 price objective on Applied Industrial Technologies in a research note on Friday, August 22nd. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $285.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock traded down $3.04 on Friday, reaching $263.43. 154,024 shares of the company were exchanged, compared to its average volume of 302,576. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 3.32. The company's 50-day moving average is $258.15 and its two-hundred day moving average is $240.52. The firm has a market cap of $9.95 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 2.81 and a beta of 0.94. Applied Industrial Technologies, Inc. has a 1-year low of $191.31 and a 1-year high of $282.98.

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

Applied Industrial Technologies Dividend Announcement

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

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.