1,364 Shares in Applied Industrial Technologies, Inc. $AIT Acquired by Gallacher Capital Management LLC

Key Points

• Gallacher Capital Management LLC has invested $317,000 in Applied Industrial Technologies by acquiring 1,364 shares during the second quarter.
• Insider trading activity includes significant share sales by VP Kurt W. Loring and CEO Neil A. Schrimsher, with a total of 42,660 shares sold worth over $11 million in the past quarter.
• Applied Industrial Technologies reported earnings of $2.80 per share for the last quarter, exceeding estimates, with a projected annual dividend yield of 0.7%.

Gallacher Capital Management LLC bought 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 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,364 shares of the industrial products company's stock, valued at approximately $317,000.

Other hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Applied Industrial Technologies by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock valued at $699,000 after purchasing an additional 210 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Applied Industrial Technologies by 6.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock valued at $1,183,000 after purchasing an additional 323 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Applied Industrial Technologies by 17.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock valued at $338,000 after purchasing an additional 226 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Applied Industrial Technologies by 26.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock valued at $408,000 after purchasing an additional 374 shares during the last quarter. Finally, Spire Wealth Management boosted its holdings in shares of Applied Industrial Technologies by 11.3% in the 1st quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock valued at $582,000 after purchasing an additional 262 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Down 0.9%

Applied Industrial Technologies stock traded down $2.42 during midday trading on Friday, hitting $260.35. 588,785 shares of the stock were exchanged, compared to its average volume of 189,867. The firm has a market cap of $9.83 billion, a P/E ratio of 25.73, a P/E/G ratio of 2.78 and a beta of 1.00. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. Applied Industrial Technologies, Inc. has a 1 year low of $199.96 and a 1 year high of $282.98. The company has a 50 day moving average price of $264.75 and a two-hundred day moving average price of $241.55.

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

Applied Industrial Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

AIT has been the topic of a number of research analyst reports. Robert W. Baird lifted 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. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Bank of America raised their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Raymond James Financial downgraded shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Finally, Industrial Alliance Securities set a $290.00 target price on shares of Applied Industrial Technologies in a research note on Friday, August 22nd. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $285.00.

Insider Activity

In other news, VP Jason W. Vasquez sold 7,466 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The shares were 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. The trade was a 34.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Neil A. Schrimsher sold 26,671 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $262.46, for a total transaction 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 disclosure for this sale can be found here. In the last three months, insiders sold 42,660 shares of company stock valued at $11,217,980. Company insiders own 1.60% of the company's stock.

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.