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

Key Points

• TimesSquare Capital Management acquired 98,550 shares of Applied Industrial Technologies, valued at approximately $33.3 million, giving it a 0.27% stake. Institutional investors and hedge funds collectively own 93.52% of the company.
• Analysts raised their price targets, with several assigning “outperform” ratings; Applied Industrial Technologies has a consensus “Buy” rating and an average target price of $384.29.
• The company exceeded quarterly earnings and revenue expectations, reporting $3.17 in EPS and $1.35 billion in revenue, while revenue grew 10.5% year over year. It also declared a quarterly dividend of $0.51 per share, equivalent to a 0.6% yield.

TimesSquare Capital Management LLC bought a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 98,550 shares of the industrial products company's stock, valued at approximately $33,325,000. TimesSquare Capital Management LLC owned 0.27% of Applied Industrial Technologies as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Torren Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $25,000. Global Retirement Partners LLC bought a new position in Applied Industrial Technologies in the second quarter valued at approximately $37,000. Anchor Investment Management LLC acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $32,000. Smartleaf Asset Management LLC raised its position in Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after purchasing an additional 78 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Applied Industrial Technologies during the fourth quarter worth $46,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AIT shares. Bank of America raised their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a report on Friday. Weiss Ratings restated a "buy (b)" rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. 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 note on Friday. 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 report on Friday. Finally, Mizuho lifted their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an "outperform" rating in a research report on Friday. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Applied Industrial Technologies has a consensus rating of "Buy" and a consensus target price of $384.29.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares of the company's stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Performance

NYSE AIT opened at $359.24 on Tuesday. The company has a market capitalization of $13.28 billion, a price-to-earnings ratio of 32.78, a PEG ratio of 3.08 and a beta of 0.84. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80. The stock has a fifty day simple moving average of $337.94 and a 200 day simple moving average of $304.16. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the business earned $2.80 EPS. The business's quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Sell-side analysts expect that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced 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. 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 presently 18.61%.

Applied Industrial Technologies Company 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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