Hsbc Holdings PLC Reduces Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Hsbc Holdings PLC reduced its stake in Applied Industrial Technologies by 64.6%, selling 9,383 shares and owning 5,134 shares valued at $1.15 million at the end of the quarter.
• Several institutional investors, including Northern Trust Corp and Alyeska Investment Group L.P., increased their positions in the company, which now has 93.52% institutional ownership.
• Applied Industrial Technologies announced a quarterly dividend of $0.46 per share, with a dividend yield of 0.7%, and reported a net margin of 8.61% in its latest earnings report.

Hsbc Holdings PLC lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 64.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,134 shares of the industrial products company's stock after selling 9,383 shares during the period. Hsbc Holdings PLC's holdings in Applied Industrial Technologies were worth $1,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its position 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 worth $699,000 after buying an additional 210 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake 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 valued at $1,183,000 after acquiring an additional 323 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew 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 last quarter. Sequoia Financial Advisors LLC grew its holdings in Applied Industrial Technologies by 26.0% in the first quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock worth $408,000 after purchasing an additional 374 shares during the last quarter. Finally, Spire Wealth Management increased its position 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 worth $582,000 after purchasing an additional 262 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total transaction of $7,000,070.66. Following the completion of the sale, the chief executive officer directly owned 149,735 shares in the company, valued at approximately $39,299,448.10. The trade was a 15.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jason W. Vasquez sold 7,466 shares of the stock in a transaction that occurred on 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 transaction, the vice president directly owned 14,491 shares of the company's stock, valued at $3,768,819.28. The trade was a 34.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,660 shares of company stock valued at $11,217,980. 1.67% of the stock is owned by corporate insiders.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded up $6.30 on Thursday, reaching $267.83. The company's stock had a trading volume of 191,463 shares, compared to its average volume of 258,457. The company has a quick ratio of 2.36, a current ratio of 3.32 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $10.11 billion, a P/E ratio of 26.46, a PEG ratio of 2.76 and a beta of 1.00. The stock has a 50-day moving average price of $260.78 and a 200-day moving average price of $240.54. Applied Industrial Technologies, Inc. has a 52-week low of $191.31 and a 52-week high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.60 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations 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 quarter last year, the company earned $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AIT. Industrial Alliance Securities set a $290.00 target price on Applied Industrial Technologies in a research note on Friday, August 22nd. Bank of America raised their price target on Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Oppenheimer lifted their price objective on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Finally, Robert W. Baird lifted their target price on Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Applied Industrial Technologies 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.