Emerald Investment Advisers LLC purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 34,221 shares of the industrial products company's stock, valued at approximately $11,572,000. Applied Industrial Technologies accounts for approximately 0.8% of Emerald Investment Advisers LLC's portfolio, making the stock its 28th biggest holding. Emerald Investment Advisers LLC owned about 0.09% of Applied Industrial Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth about $1,336,805,000. Corient Private Wealth LLC boosted its stake 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 valued at $150,319,000 after purchasing an additional 582,827 shares during the period. Norges Bank acquired a new position in Applied Industrial Technologies during the 4th quarter valued at about $125,044,000. Bank of New York Mellon Corp bought a new position in Applied Industrial Technologies in the 2nd quarter worth about $93,672,000. Finally, Adage Capital Partners GP L.L.C. grew its position in 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 worth $67,935,000 after purchasing an additional 259,319 shares during the last quarter. Institutional investors own 93.52% of the company's stock.
Applied Industrial Technologies Stock Performance
Shares of AIT opened at $341.38 on Friday. The firm has a market capitalization of $12.53 billion, a PE ratio of 31.15, a P/E/G ratio of 2.73 and a beta of 0.84. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $340.04 and a 200 day moving average price of $306.27. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $374.80.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping analysts' consensus estimates of $2.92 by $0.25. The company 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%. 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 earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.
Applied Industrial Technologies Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is currently 18.61%.
Analyst Upgrades and Downgrades
Several brokerages have commented on AIT. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Oppenheimer raised their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Finally, DA Davidson lifted their target price on 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 research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $400.00.
Check Out Our Latest Report on Applied Industrial Technologies
Insider Activity at Applied Industrial Technologies
In related news, CFO David K. Wells sold 1,812 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares of the company's stock, valued at $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the director owned 4,951 shares of the company's stock, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by insiders.
About Applied Industrial Technologies
(
Free Report)
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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