Man Group plc Takes $4.11 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• Man Group plc acquired 12,160 Applied Industrial Technologies shares during the second quarter, establishing a position valued at approximately $4.11 million. Institutional investors collectively own 93.52% of the company.
• Applied Industrial Technologies reported quarterly EPS of $3.17, beating estimates of $2.92, while revenue rose 10.5% year over year to $1.35 billion. Analysts maintain a consensus “Buy” rating with an average price target of $400.
• Company insiders sold 7,561 shares worth approximately $2.56 million over the past quarter. Applied Industrial Technologies also declared a quarterly dividend of $0.51 per share, representing a 0.6% annualized yield.

Man Group plc bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 12,160 shares of the industrial products company's stock, valued at approximately $4,112,000.

Other hedge funds have also recently bought and sold shares of the company. Compound Planning Inc. increased its position in shares of Applied Industrial Technologies by 4.7% during the 4th quarter. Compound Planning Inc. now owns 822 shares of the industrial products company's stock worth $211,000 after purchasing an additional 37 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Applied Industrial Technologies by 7.4% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 653 shares of the industrial products company's stock valued at $170,000 after buying an additional 45 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Applied Industrial Technologies by 4.5% in the first quarter. Sanctuary Advisors LLC now owns 1,160 shares of the industrial products company's stock valued at $308,000 after buying an additional 50 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Applied Industrial Technologies by 4.5% in the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock valued at $302,000 after buying an additional 58 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in Applied Industrial Technologies by 0.5% during the fourth quarter. Cetera Investment Advisers now owns 10,900 shares of the industrial products company's stock worth $2,799,000 after buying an additional 58 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company's stock in a transaction on 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 of the company's stock, valued at $1,633,285.39. This represents a 43.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director owned 22,859 shares in the company, valued at $7,782,346.55. The trade was a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 7,561 shares of company stock worth $2,560,085. Company insiders own 1.60% of the company's stock.

Analyst Upgrades and Downgrades

AIT has been the subject of a number of recent analyst reports. KeyCorp increased their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Bank of America boosted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Oppenheimer raised their target price on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $400.00.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $321.09 on Monday. The firm has a market capitalization of $11.78 billion, a PE ratio of 29.30, a PEG ratio of 2.59 and a beta of 0.84. The company's 50-day moving average is $340.60 and its 200-day moving average is $308.29. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the firm posted $2.80 EPS. Applied Industrial Technologies's revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be given a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is presently 18.61%.

About Applied Industrial Technologies

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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