Redwood Investment Management LLC Makes New Investment in Applied Industrial Technologies, Inc. $AIT

Key Points

• Redwood Investment Management acquired 3,458 shares of Applied Industrial Technologies worth approximately $1.17 million in the second quarter. Institutional investors collectively own 93.52% of AIT.
• Applied Industrial Technologies reported quarterly EPS of $3.17, beating estimates by $0.25, while revenue rose 10.5% year over year to $1.35 billion. The company also issued fiscal 2027 EPS guidance of $11.65–$12.15.
• Analysts maintained a bullish view, with seven Buy ratings and a consensus price target of $400. AIT also declared a quarterly dividend of $0.51 per share, representing a 0.6% annualized yield.

Redwood Investment Management LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,458 shares of the industrial products company's stock, valued at approximately $1,169,000.

A number of other large investors have also made changes to their positions in AIT. Norges Bank acquired a new position in Applied Industrial Technologies in the fourth quarter worth about $125,044,000. Thrivent Financial for Lutherans boosted its holdings in Applied Industrial Technologies by 1,628.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company's stock valued at $50,570,000 after purchasing an additional 185,553 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Applied Industrial Technologies by 40.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company's stock valued at $5,539,000 after purchasing an additional 6,254 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in shares of Applied Industrial Technologies by 38.1% in the 4th quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company's stock valued at $24,762,000 after purchasing an additional 26,612 shares during the period. Finally, Moran Wealth Management LLC grew its stake in shares of Applied Industrial Technologies by 86.5% in the 1st quarter. Moran Wealth Management LLC now owns 26,333 shares of the industrial products company's stock valued at $6,987,000 after purchasing an additional 12,211 shares during the period. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Trading Up 1.9%

AIT stock opened at $341.93 on Thursday. The business has a fifty day moving average price of $340.96 and a 200 day moving average price of $307.70. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of 31.20, a P/E/G ratio of 2.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The business's revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors 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 payout ratio is currently 18.61%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AIT. DA Davidson upped their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a research report on Friday, August 14th. Bank of America boosted their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. KeyCorp increased their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Finally, Oppenheimer lifted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $400.00.

Insider Activity

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction dated 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 completion of the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares of the company's stock, valued at $11,380,955. The trade was a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies 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.

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