The Manufacturers Life Insurance Company purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 26,367 shares of the industrial products company's stock, valued at approximately $8,916,000. The Manufacturers Life Insurance Company owned 0.07% of Applied Industrial Technologies at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at about $1,336,805,000. First Trust Advisors LP raised its holdings in shares of Applied Industrial Technologies by 34.3% during the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company's stock worth $259,706,000 after acquiring an additional 249,961 shares during the period. Capital International Investors raised its stake in Applied Industrial Technologies by 25.4% during the fourth quarter. Capital International Investors now owns 962,925 shares of the industrial products company's stock worth $247,250,000 after purchasing an additional 195,043 shares during the period. Wellington Management Group LLP lifted its holdings in Applied Industrial Technologies by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company's stock valued at $199,355,000 after acquiring an additional 6,953 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Applied Industrial Technologies by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company's stock worth $185,833,000 after purchasing an additional 3,348 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities analysts recently weighed in on the stock. Mizuho increased their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. DA Davidson increased their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Bank of America raised their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Finally, Robert W. Baird lifted their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of "Buy" and an average price target of $400.00.
Get Our Latest Stock Analysis on AIT
Applied Industrial Technologies Trading Down 5.1%
Shares of AIT opened at $321.09 on Friday. 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 stock has a market cap of $11.78 billion, a price-to-earnings ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $374.80. The firm has a 50 day simple moving average of $340.60 and a 200-day simple moving average of $308.11.
Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share 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 net margin of 8.35% and a return on equity of 22.17%. The firm's revenue for the quarter was up 10.5% on a year-over-year basis. 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. Equities analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.
Applied Industrial Technologies Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a dividend of $0.51 per share. The ex-dividend date is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies's dividend payout ratio is 18.61%.
Insider Buying and Selling
In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was 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 directly owned 32,050 shares in the company, valued at $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 7,561 shares of company stock valued at $2,560,085. Insiders own 1.60% of the company's stock.
Applied Industrial Technologies Profile
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Free Report)
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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