Mitsubishi UFJ Asset Management Co. Ltd. Invests $1.18 Million in Applied Industrial Technologies, Inc. $AIT

Key Points

• Mitsubishi UFJ Asset Management acquired 3,495 shares of Applied Industrial Technologies worth approximately $1.18 million during the second quarter. Institutional investors collectively own 93.52% of AIT’s outstanding stock.
• Analysts remain bullish, with seven Buy ratings and an average price target of $400. KeyCorp, Oppenheimer, and Mizuho recently raised their price targets to between $390 and $420.
• Applied Industrial Technologies beat quarterly earnings expectations, reporting $3.17 in EPS and $1.35 billion in revenue, up 10.5% year over year. The company also declared a quarterly dividend of $0.51 per share, yielding approximately 0.6%.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,495 shares of the industrial products company's stock, valued at approximately $1,182,000.

A number of other hedge funds have also made changes to their positions in AIT. Goldman Sachs Group Inc. boosted its holdings in Applied Industrial Technologies by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company's stock valued at $85,897,000 after purchasing an additional 14,926 shares in the last quarter. Empowered Funds LLC purchased a new position in Applied Industrial Technologies in the first quarter valued at approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Applied Industrial Technologies by 12.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company's stock worth $22,162,000 after purchasing an additional 10,863 shares in the last quarter. Focus Partners Wealth raised its holdings in Applied Industrial Technologies by 4.5% during the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock worth $302,000 after purchasing an additional 58 shares in the last quarter. Finally, M&T Bank Corp acquired a new stake in Applied Industrial Technologies during the second quarter worth approximately $217,000. Hedge funds and other institutional investors own 93.52% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on AIT. Weiss Ratings restated a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Mizuho upped their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of "Buy" and an average price target of $400.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $341.38 on Friday. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80. The stock has a 50 day moving average of $340.04 and a two-hundred day moving average of $306.27. The stock has a market cap of $12.53 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.74 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, research analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be issued 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 is presently 18.61%.

Insider Activity

In related news, Director Madhuri A. Andrews sold 3,845 shares of the business'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 owned 4,951 shares in the company, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO David K. Wells sold 1,812 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the sale, the chief financial officer directly owned 32,050 shares of the company's stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by corporate insiders.

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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