Applied Industrial Technologies, Inc. $AIT Shares Purchased by Millennium Management LLC

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 grew 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 filing with the Securities and Exchange Commission (SEC). The institutional investor owned 320,903 shares of the industrial products company's stock after purchasing an additional 189,408 shares during the quarter. Millennium Management LLC owned approximately 0.84% of Applied Industrial Technologies worth $72,312,000 as of its most recent SEC filing.

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

Applied Industrial Technologies Trading Up 2.4%

AIT stock traded up $6.21 during mid-day trading on Thursday, hitting $269.66. 145,817 shares of the company were exchanged, compared to its average volume of 391,309. 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 firm has a market capitalization of $10.18 billion, a P/E ratio of 26.65, a PEG ratio of 2.76 and a beta of 1.00. The business has a fifty day simple moving average of $262.84 and a 200-day simple moving average of $240.61. Applied Industrial Technologies, Inc. has a 12-month low of $196.71 and a 12-month high of $282.98.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.20. The company 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%. Applied Industrial Technologies's revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.64 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend 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%.

Insiders Place Their Bets

In other news, VP Jason W. Vasquez sold 7,466 shares of the firm's 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 completion of the transaction, the vice president owned 14,491 shares of the company's stock, valued at approximately $3,768,819.28. This trade represents a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Kurt W. Loring sold 8,523 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 42,660 shares of company stock valued at $11,217,980 over the last 90 days. 1.67% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AIT. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Industrial Alliance Securities set a $290.00 price objective on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Bank of America upped their price objective on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Finally, Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $285.00.

About Applied Industrial Technologies

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.