Illinois Municipal Retirement Fund Increases Stake in Applied Industrial Technologies, Inc. $AIT

Key Points

• Illinois Municipal Retirement Fund increased its stake in Applied Industrial Technologies by 25.7% in the first quarter, adding 3,405 shares to bring its total to 16,643 shares worth about $4.4 million.
• Wall Street sentiment remains positive, with six analysts rating AIT a Buy and one Hold; the consensus price target is $329.57, while KeyCorp and DA Davidson recently raised their targets to $375 and $380, respectively.
• Applied Industrial Technologies reported better-than-expected quarterly results, with EPS of $2.65 and revenue of $1.25 billion, and it also announced a quarterly dividend of $0.51 per share payable on August 31.

Illinois Municipal Retirement Fund lifted its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 25.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,643 shares of the industrial products company's stock after acquiring an additional 3,405 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Applied Industrial Technologies were worth $4,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Corient Private Wealth LLC increased its holdings in Applied Industrial Technologies by 22,451.0% during the 4th 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 period. Norges Bank purchased a new position in shares of Applied Industrial Technologies in the 4th quarter valued at about $125,044,000. M&T Bank Corp grew its position in shares of Applied Industrial Technologies by 33,181.4% during the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company's stock worth $81,322,000 after buying an additional 299,960 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Applied Industrial Technologies by 4,933.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company's stock worth $67,935,000 after buying an additional 259,319 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Applied Industrial Technologies by 92.4% during the fourth quarter. AQR Capital Management LLC now owns 430,924 shares of the industrial products company's stock worth $110,648,000 after buying an additional 206,915 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AIT shares. KeyCorp boosted their price target on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Friday, April 24th. Robert W. Baird set a $317.00 target price on shares of Applied Industrial Technologies in a research note on Wednesday, April 29th. Wall Street Zen lowered Applied Industrial Technologies from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, DA Davidson began coverage on Applied Industrial Technologies in a research note on Tuesday, June 16th. They issued a "buy" rating and a $380.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $329.57.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $336.35 on Friday. The stock has a 50 day moving average price of $320.78 and a 200 day moving average price of $292.32. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 2.91 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $345.48.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts' consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the company earned $2.57 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. Research analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is 19.26%.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 8,000 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the transaction, the vice president owned 40,751 shares in the company, valued at $12,471,436.04. This represents a 16.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Applied Industrial Technologies Company 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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