Eventide Asset Management LLC Has $25.88 Million Stock Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• Eventide Asset Management LLC reduced its stake in Applied Industrial Technologies by 48.5%, selling 107,956 shares and retaining approximately 0.30% of the company.
• Applied Industrial Technologies recently achieved an earnings per share (EPS) of $2.80, surpassing analyst expectations of $2.60, indicating a 5.5% revenue increase year-over-year.
• Institutions and hedge funds hold about 93.52% of Applied Industrial Technologies' stock, highlighting strong institutional interest in the company.

Eventide Asset Management LLC lowered its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 48.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,852 shares of the industrial products company's stock after selling 107,956 shares during the quarter. Eventide Asset Management LLC owned approximately 0.30% of Applied Industrial Technologies worth $25,881,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in Applied Industrial Technologies by 7.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock worth $699,000 after purchasing an additional 210 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Applied Industrial Technologies by 6.6% in the first quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock worth $1,183,000 after purchasing an additional 323 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Applied Industrial Technologies by 17.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock worth $338,000 after purchasing an additional 226 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in shares of Applied Industrial Technologies by 26.0% during the first quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock valued at $408,000 after acquiring an additional 374 shares during the period. Finally, Spire Wealth Management boosted its holdings in shares of Applied Industrial Technologies by 11.3% during the first quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock valued at $582,000 after acquiring an additional 262 shares during the period. 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 firm's stock in a transaction 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 trade represents a 15.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jason W. Vasquez sold 7,466 shares of the firm's stock in a transaction 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 approximately $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. 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.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Bank of America boosted 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. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. 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. Industrial Alliance Securities set a $290.00 price target on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Finally, Robert W. Baird boosted 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. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Applied Industrial Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Applied Industrial Technologies Price Performance

NYSE AIT traded down $4.55 on Tuesday, reaching $261.67. The company's stock had a trading volume of 59,596 shares, compared to its average volume of 393,644. Applied Industrial Technologies, Inc. has a twelve month low of $191.31 and a twelve month high of $282.98. 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 stock has a market cap of $9.88 billion, a PE ratio of 25.85, a PEG ratio of 2.80 and a beta of 1.00. The firm's 50 day moving average is $262.09 and its two-hundred day moving average is $240.31.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. Applied Industrial Technologies's revenue was up 5.5% on a year-over-year basis. During the same period 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 predict that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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%.

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.