Gallacher Capital Management LLC Invests $317,000 in Applied Industrial Technologies, Inc. $AIT

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 stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,364 shares of the industrial products company's stock, valued at approximately $317,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AIT. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Applied Industrial Technologies by 22.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 7,035 shares of the industrial products company's stock valued at $1,635,000 after purchasing an additional 1,311 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in shares of Applied Industrial Technologies by 100.6% during the 2nd quarter. Harbor Investment Advisory LLC now owns 321 shares of the industrial products company's stock worth $75,000 after acquiring an additional 161 shares during the period. Voya Investment Management LLC raised its position in shares of Applied Industrial Technologies by 522.2% in the 1st quarter. Voya Investment Management LLC now owns 143,696 shares of the industrial products company's stock worth $32,380,000 after acquiring an additional 120,602 shares in the last quarter. Inspire Investing LLC lifted its stake in shares of Applied Industrial Technologies by 5.7% in the 1st quarter. Inspire Investing LLC now owns 2,914 shares of the industrial products company's stock valued at $657,000 after purchasing an additional 157 shares during the period. Finally, Strs Ohio bought a new stake in shares of Applied Industrial Technologies during the first quarter valued at approximately $8,878,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Insider Activity

In other news, VP Kurt W. Loring sold 8,523 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $267.06, for a total value of $2,276,152.38. Following the sale, the vice president directly owned 19,273 shares of the company's stock, valued at approximately $5,147,047.38. The trade was a 30.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 149,735 shares in the company, valued at $39,299,448.10. This represents a 15.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,660 shares of company stock worth $11,217,980 over the last quarter. Insiders own 1.60% of the company's stock.

Applied Industrial Technologies Trading Down 0.3%

Applied Industrial Technologies stock opened at $262.52 on Tuesday. Applied Industrial Technologies, Inc. has a 12-month low of $199.96 and a 12-month high of $282.98. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 25.94, a P/E/G ratio of 2.78 and a beta of 1.00. The firm has a 50 day moving average of $264.04 and a 200 day moving average of $240.91. The company has a current ratio of 3.32, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted 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 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 company's revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.64 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AIT shares. Robert W. Baird upped their price target on Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Oppenheimer upped their target price on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Raymond James Financial cut shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research 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. 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

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.

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