Public Employees Retirement System of Ohio Acquires 11,818 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• The Public Employees Retirement System of Ohio significantly increased its stake in Applied Industrial Technologies by 919.7% in the 2nd quarter, acquiring an additional 11,818 shares for a total of $3,046,000 in holdings.
• CEO Neil A. Schrimsher and VP Jason W. Vasquez both sold significant amounts of stock on August 21st, with Schrimsher selling 26,671 shares totaling over $7 million and Vasquez selling 7,466 shares valued at nearly $2 million.
• Analysts are projecting growth for Applied Industrial Technologies, with a consensus rating of "Moderate Buy" and a price target around $285.00, despite a recent downgrade from Raymond James Financial.

Public Employees Retirement System of Ohio raised its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 919.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,103 shares of the industrial products company's stock after purchasing an additional 11,818 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Applied Industrial Technologies were worth $3,046,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. lifted its position in shares of Applied Industrial Technologies by 7.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,103 shares of the industrial products company's stock worth $699,000 after purchasing an additional 210 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Applied Industrial Technologies by 6.6% in the first quarter. Janney Montgomery Scott LLC now owns 5,248 shares of the industrial products company's stock valued at $1,183,000 after acquiring an additional 323 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Applied Industrial Technologies by 17.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,501 shares of the industrial products company's stock valued at $338,000 after acquiring an additional 226 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Applied Industrial Technologies by 26.0% in the first quarter. Sequoia Financial Advisors LLC now owns 1,811 shares of the industrial products company's stock valued at $408,000 after acquiring an additional 374 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Applied Industrial Technologies by 11.3% in the first quarter. Spire Wealth Management now owns 2,583 shares of the industrial products company's stock valued at $582,000 after acquiring an additional 262 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total value of $7,000,070.66. Following the completion of the transaction, the chief executive officer directly owned 149,735 shares of the company's stock, valued at approximately $39,299,448.10. The trade was a 15.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jason W. Vasquez sold 7,466 shares of the business'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 directly owned 14,491 shares of the company's stock, valued at $3,768,819.28. The trade was a 34.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,660 shares of company stock valued at $11,217,980. 1.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AIT has been the subject of several recent research reports. Raymond James Financial downgraded Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Oppenheimer lifted their price objective on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, August 15th. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Robert W. Baird boosted their price target on Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Finally, Bank of America boosted their price target on Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $258.22 on Thursday. The business's 50 day moving average price is $264.87 and its 200 day moving average price is $243.42. The firm has a market cap of $9.75 billion, a P/E ratio of 25.52, a P/E/G ratio of 2.76 and a beta of 0.96. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $282.98. The company has a quick ratio of 2.36, a current ratio of 3.32 and a debt-to-equity ratio of 0.31.

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

Applied Industrial Technologies 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.

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