OP Asset Management Ltd Takes $16.70 Million Position in Applied Industrial Technologies, Inc. $AIT

Key Points

• OP Asset Management opened a new position in Applied Industrial Technologies, buying 62,945 shares valued at about $16.7 million in the first quarter.
• Wall Street sentiment remains constructive, with six analysts rating AIT a Buy and one a Hold; the consensus rating is Moderate Buy with a price target of $323.14.
• The company recently reported better-than-expected earnings and revenue, raised its guidance for FY 2026, and declared a quarterly dividend of $0.51 per share.

OP Asset Management Ltd acquired a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 62,945 shares of the industrial products company's stock, valued at approximately $16,701,000. OP Asset Management Ltd owned about 0.17% of Applied Industrial Technologies at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Capital International Investors raised its holdings in Applied Industrial Technologies by 25.4% in the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company's stock worth $247,250,000 after acquiring an additional 195,043 shares during the period. First Trust Advisors LP boosted its holdings in Applied Industrial Technologies by 22.7% during the third quarter. First Trust Advisors LP now owns 933,067 shares of the industrial products company's stock valued at $243,577,000 after acquiring an additional 172,857 shares during the period. Wellington Management Group LLP boosted its holdings in Applied Industrial Technologies by 0.9% during the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company's stock valued at $199,355,000 after acquiring an additional 6,953 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Applied Industrial Technologies by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company's stock valued at $185,833,000 after purchasing an additional 3,348 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Applied Industrial Technologies by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 687,161 shares of the industrial products company's stock valued at $176,479,000 after purchasing an additional 1,889 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

AIT has been the subject of several research analyst reports. Wall Street Zen cut Applied Industrial Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Oppenheimer raised their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an "outperform" rating in a report on Wednesday, April 29th. Robert W. Baird set a $317.00 target price on Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp lifted their price target on Applied Industrial Technologies from $300.00 to $330.00 and gave the stock an "overweight" rating in a research report on Thursday, February 26th. Finally, DA Davidson initiated coverage on Applied Industrial Technologies in a report on Tuesday, June 16th. They set a "buy" rating and a $380.00 price target for the company. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $323.14.

Insider Buying and Selling

In other news, VP Warren E. Hoffner III sold 8,000 shares of Applied Industrial Technologies stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the sale, the vice president owned 40,751 shares of the company's stock, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This represents a 43.71% 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 company insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $334.06 on Thursday. The firm's 50-day moving average is $309.73 and its 200-day moving average is $284.26. Applied Industrial Technologies, Inc. has a 52-week low of $223.13 and a 52-week high of $340.37. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.97 and a current ratio of 2.95. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 3.15 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.25 billion during 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 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. Equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 10.71 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is 19.26%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.