Evolve Private Wealth LLC Takes Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Evolve Private Wealth LLC initiated a position in Applied Industrial Technologies, purchasing 3,616 shares valued at approximately $1.22 million. Institutional investors and hedge funds collectively own 93.52% of the company.
• Applied Industrial Technologies exceeded quarterly expectations, reporting $3.17 in adjusted earnings per share versus the $2.92 consensus estimate and revenue of $1.35 billion, up 10.5% year over year.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and a $400 price target. The company also declared a quarterly dividend of $0.51 per share, representing a 0.6% annualized yield.

Evolve Private Wealth LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 3,616 shares of the industrial products company's stock, valued at approximately $1,223,000.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter valued at approximately $1,336,805,000. Corient Private Wealth LLC raised its stake in shares of Applied Industrial Technologies by 22,451.0% during the fourth quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company's stock worth $150,319,000 after purchasing an additional 582,827 shares during the last quarter. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth $125,044,000. Bank of New York Mellon Corp acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $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 valued at $67,935,000 after buying an additional 259,319 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $341.38 on Monday. The company has a market cap of $12.53 billion, a P/E ratio of 31.15, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The business has a fifty day moving average of $340.04 and a two-hundred day moving average of $306.52. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.29 billion. During the same period in the prior year, the company posted $2.80 EPS. The business's revenue for the quarter was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a $0.51 dividend. The ex-dividend date is 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 currently 18.61%.

Insider Buying and Selling

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the business's stock in a transaction 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 directly owned 32,050 shares in the company, valued at approximately $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction on Thursday, June 18th. The shares were 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 directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company's stock.

Analyst Ratings Changes

AIT has been the topic of several recent research reports. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. DA Davidson boosted their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Mizuho increased their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Finally, Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies has a consensus rating of "Buy" and a consensus price target of $400.00.

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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