Applied Industrial Technologies, Inc. $AIT Shares Purchased by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Applied Industrial Technologies by 47.4%, holding over 157,000 shares valued at approximately $35.4 million, following the purchase of an additional 50,524 shares.
• Institutional investors collectively own about 93.52% of Applied Industrial Technologies, with notable increases in holdings from several firms, including Price T Rowe Associates, which raised its position by 199.4%.
• The company's recent earnings report showed an earnings per share of $2.80, surpassing estimates, and the Board of Directors has approved a share repurchase program to buy back 1.5 million shares, indicating a positive assessment of the stock's value.

Raymond James Financial Inc. increased its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 47.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 157,086 shares of the industrial products company's stock after buying an additional 50,524 shares during the quarter. Raymond James Financial Inc. owned about 0.41% of Applied Industrial Technologies worth $35,398,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AIT. MassMutual Private Wealth & Trust FSB lifted its holdings 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 valued at $29,000 after acquiring an additional 44 shares in the last quarter. Harbor Investment Advisory LLC lifted its holdings in shares of Applied Industrial Technologies by 97.5% during the 1st quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 79 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Applied Industrial Technologies during the 1st quarter valued at $38,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies during the 1st quarter valued at $41,000. Finally, First Horizon Advisors Inc. lifted its holdings 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 valued at $48,000 after acquiring an additional 51 shares in the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AIT has been the topic of several recent research reports. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Robert W. Baird lifted their target price 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 lifted their target price 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. Industrial Alliance Securities set a $290.00 target price on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Finally, Oppenheimer lifted their target price 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 assigned a Hold rating to the company. According to data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Applied Industrial Technologies Stock Down 1.2%

AIT stock traded down $3.20 during trading on Friday, reaching $263.27. The stock had a trading volume of 13,866 shares, compared to its average volume of 401,389. Applied Industrial Technologies, Inc. has a 1-year low of $191.31 and a 1-year high of $282.98. The company has a current ratio of 3.32, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $9.94 billion, a P/E ratio of 25.96, a PEG ratio of 2.83 and a beta of 0.94. The firm has a fifty day moving average price of $257.42 and a 200 day moving average price of $240.52.

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

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is 18.18%.

Applied Industrial Technologies announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase 1,500,000 outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 26,671 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $262.46, for a total value of $7,000,070.66. Following the sale, the chief executive officer owned 149,735 shares in the company, valued at approximately $39,299,448.10. This represents a 15.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jason W. Vasquez sold 7,466 shares of the company'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 completion of the sale, the vice president owned 14,491 shares in the company, valued at approximately $3,768,819.28. This trade represents a 34.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,660 shares of company stock worth $11,217,980. 1.67% of the stock is currently owned by corporate insiders.

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.