Millennium Management LLC Grows Stock Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• Millennium Management LLC significantly increased its stake in Applied Industrial Technologies, acquiring 189,408 shares, a 144% lift, bringing its total holdings to 320,903 shares valued at approximately $72.3 million.
• Analysts have raised price targets for Applied Industrial Technologies, with projections ranging from $290.00 to $300.00, reflecting a general sentiment of "Moderate Buy" for the stock.
• The company reported earnings of $2.80 per share for the last quarter, surpassing estimates and showing a 5.5% increase in year-over-year revenue, contributing to positive investor perceptions.

Millennium Management LLC lifted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 144.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 320,903 shares of the industrial products company's stock after purchasing an additional 189,408 shares during the period. Millennium Management LLC owned about 0.84% of Applied Industrial Technologies worth $72,312,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Baird Financial Group Inc. lifted its position in shares of Applied Industrial Technologies by 2.5% during the 4th quarter. Baird Financial Group Inc. now owns 1,588 shares of the industrial products company's stock worth $380,000 after purchasing an additional 39 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Applied Industrial Technologies by 51.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock worth $29,000 after purchasing an additional 44 shares during the last quarter. First Horizon Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 31.1% during the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after purchasing an additional 51 shares during the last quarter. Two Sigma Investments LP raised its stake in Applied Industrial Technologies by 1.4% during the 4th quarter. Two Sigma Investments LP now owns 4,676 shares of the industrial products company's stock worth $1,120,000 after acquiring an additional 64 shares in the last quarter. Finally, Jump Financial LLC raised its stake in Applied Industrial Technologies by 3.7% during the 1st quarter. Jump Financial LLC now owns 1,895 shares of the industrial products company's stock worth $427,000 after acquiring an additional 68 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AIT has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 15th. Oppenheimer lifted their price target 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. Bank of America lifted their price target on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Finally, Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $285.00.

Insider Buying and Selling

In related news, VP Jason W. Vasquez sold 7,466 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $260.08, for a total transaction of $1,941,757.28. Following the sale, the vice president 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Kurt W. Loring sold 8,523 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the sale, the vice president directly owned 19,273 shares in the company, valued at approximately $5,147,047.38. This represents a 30.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,660 shares of company stock valued at $11,217,980. Corporate insiders own 1.67% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT traded down $3.51 during midday trading on Friday, hitting $266.18. The stock had a trading volume of 42,797 shares, compared to its average volume of 390,075. The company has a market capitalization of $10.05 billion, a PE ratio of 26.30, a P/E/G ratio of 2.78 and a beta of 1.00. The stock has a 50 day moving average price of $263.32 and a two-hundred day moving average price of $240.78. 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, Inc. has a 1 year low of $199.96 and a 1 year high of $282.98.

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

Applied Industrial Technologies Announces Dividend

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

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.