Royal London Asset Management Ltd. Cuts Stake in Applied Industrial Technologies, Inc. $AIT

Key Points

• Royal London Asset Management cut its Applied Industrial Technologies stake by 52.3% in the second quarter, selling 75,442 shares and retaining 68,844 shares valued at approximately $23.3 million. Institutional investors collectively own 93.52% of the company.
• Analysts remain bullish, with seven Buy ratings and a consensus price target of $400. Recent quarterly results exceeded expectations, with adjusted earnings of $3.17 per share and revenue of $1.35 billion, up 10.5% year over year.
• Applied Industrial Technologies declared a quarterly dividend of $0.51 per share, equivalent to $2.04 annually and a 0.6% yield. Company insiders sold 7,561 shares worth approximately $2.56 million over the past three months.

Royal London Asset Management Ltd. cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 52.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,844 shares of the industrial products company's stock after selling 75,442 shares during the quarter. Royal London Asset Management Ltd. owned approximately 0.19% of Applied Industrial Technologies worth $23,280,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AIT. Norges Bank bought a new position in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $125,044,000. Thrivent Financial for Lutherans increased 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 buying an additional 185,553 shares during the period. PNC Financial Services Group Inc. raised its stake in Applied Industrial Technologies by 40.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company's stock worth $5,539,000 after buying an additional 6,254 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in Applied Industrial Technologies by 38.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company's stock worth $24,762,000 after buying an additional 26,612 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its holdings in Applied Industrial Technologies by 29.0% during the first quarter. Hillsdale Investment Management Inc. now owns 17,800 shares of the industrial products company's stock worth $4,723,000 after buying an additional 4,000 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Robert W. Baird increased their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. KeyCorp upped their price objective on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Oppenheimer raised their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Finally, DA Davidson boosted their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $400.00.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares of the company's stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Wallace sold 1,904 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the completion of the transaction, the director owned 22,859 shares of the company's stock, valued at approximately $7,782,346.55. This trade represents a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,561 shares of company stock worth $2,560,085 in the last three months. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Trading Down 0.4%

NYSE AIT opened at $321.09 on Monday. Applied Industrial Technologies, Inc. has a 1 year low of $238.34 and a 1 year high of $374.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The company has a market capitalization of $11.78 billion, a PE ratio of 29.30, a P/E/G ratio of 2.59 and a beta of 0.84. The company has a fifty day moving average of $340.60 and a 200 day moving average of $308.29.

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

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies's payout ratio is currently 18.61%.

About Applied Industrial Technologies

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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