Applied Industrial Technologies, Inc. $AIT Stock Position Increased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Applied Industrial Technologies by 20.6% to a total of $3.97 million in the first quarter, with numerous other institutional investors also boosting their holdings in the company.
• CEO Neil A. Schrimsher sold 26,671 shares of the company's stock for approximately $7 million, resulting in a 15.12% decrease in his ownership position.
• Applied Industrial Technologies reported earnings of $2.80 per share, surpassing estimates, and announced a quarterly dividend of $0.46 per share, reflecting a dividend yield of 0.7%.

Russell Investments Group Ltd. boosted its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 20.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,619 shares of the industrial products company's stock after purchasing an additional 3,015 shares during the quarter. Russell Investments Group Ltd.'s holdings in Applied Industrial Technologies were worth $3,970,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AIT. MassMutual Private Wealth & Trust FSB increased its holdings 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 worth $29,000 after purchasing an additional 44 shares during the last quarter. Harbor Investment Advisory LLC increased its holdings in 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 worth $36,000 after purchasing an additional 79 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Applied Industrial Technologies in the 1st quarter worth approximately $38,000. Opal Wealth Advisors LLC acquired a new position in shares of Applied Industrial Technologies in the 1st quarter worth approximately $41,000. Finally, First Horizon Advisors Inc. grew its position in shares of Applied Industrial Technologies by 31.1% in the 1st quarter. First Horizon Advisors Inc. now owns 215 shares of the industrial products company's stock worth $48,000 after acquiring an additional 51 shares in the last quarter. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded down $2.20 during midday trading on Thursday, reaching $266.21. 207,648 shares of the company traded hands, compared to its average volume of 312,273. Applied Industrial Technologies, Inc. has a twelve month low of $191.31 and a twelve month high of $282.98. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 2.83 and a beta of 0.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. The company 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 released its quarterly earnings data 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the firm posted $2.64 EPS. The business's revenue for the quarter 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, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that allows the company to buyback 1,500,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Applied Industrial Technologies Dividend Announcement

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

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Kurt W. Loring sold 8,523 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the completion of the transaction, the vice president owned 19,273 shares in the company, valued at approximately $5,147,047.38. The trade was a 30.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil A. Schrimsher sold 26,671 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 149,735 shares of the company's stock, valued at $39,299,448.10. This trade represents a 15.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,660 shares of company stock worth $11,217,980. 1.67% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently commented on AIT shares. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Raymond James Financial lowered Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 15th. Bank of America lifted their target price on Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Robert W. Baird lifted their target price on Applied Industrial Technologies from $265.00 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 report on Friday, August 22nd. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $285.00.

Applied Industrial Technologies Company 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.