Royal Bank of Canada Sells 37,974 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• The Royal Bank of Canada decreased its holdings in Applied Industrial Technologies by 21.6%, selling 37,974 shares and ending with approximately 0.36% ownership valued at $31.1 million.
• In the first quarter, several institutional investors increased their stakes in Applied Industrial Technologies, with MassMutual Private Wealth & Trust FSB boosting theirs by 51.2%.
• Applied Industrial Technologies reported quarterly earnings of $2.80 EPS, exceeding estimates and showing a 5.5% revenue growth year-over-year, alongside a declared dividend of $0.46 per share.

Royal Bank of Canada cut its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,217 shares of the industrial products company's stock after selling 37,974 shares during the period. Royal Bank of Canada owned approximately 0.36% of Applied Industrial Technologies worth $31,146,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB boosted its stake in 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 purchasing an additional 44 shares during the last quarter. Harbor Investment Advisory LLC lifted its holdings in shares of Applied Industrial Technologies by 97.5% in the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 79 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Applied Industrial Technologies during the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC bought a new stake in Applied Industrial Technologies during the first quarter worth $41,000. Finally, First Horizon Advisors Inc. grew its holdings in Applied Industrial Technologies by 31.1% during the first quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company's stock.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 26,671 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total transaction of $7,000,070.66. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Kurt W. Loring sold 8,523 shares of Applied Industrial Technologies stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $267.06, for a total value of $2,276,152.38. Following the completion of the sale, the vice president directly owned 19,273 shares of the company's stock, valued at approximately $5,147,047.38. This trade represents a 30.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,660 shares of company stock valued at $11,217,980 in the last 90 days. Insiders own 1.67% of the company's stock.

Applied Industrial Technologies Stock Down 1.1%

AIT opened at $265.14 on Friday. Applied Industrial Technologies, Inc. has a twelve month low of $191.31 and a twelve month high of $282.98. The company's 50-day moving average price is $261.42 and its two-hundred day moving average price is $240.33. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 2.80 and a beta of 1.00. 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 issued its quarterly earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.60 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. Applied Industrial Technologies's quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 15th. Applied Industrial Technologies's dividend payout ratio is currently 18.18%.

Analysts Set New Price Targets

Several equities analysts have weighed in on AIT shares. Robert W. Baird raised their price objective on Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 15th. Bank of America raised their price target on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, August 22nd. Wall Street Zen raised shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, August 15th. Finally, Industrial Alliance Securities set a $290.00 target price on Applied Industrial Technologies in a research note on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Moderate Buy" and an average target price of $285.00.

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.

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