Truist Financial Corp Increases Holdings in Applied Industrial Technologies, Inc. $AIT

Key Points

• Truist Financial Corp has increased its holdings in Applied Industrial Technologies by 216.8% during the second quarter, owning 11,148 shares valued at approximately $2.59 million.
• Insider selling was notable, with CEO Neil A. Schrimsher selling 26,671 shares for over $7 million, reducing his ownership by 15.12%.
• Applied Industrial Technologies reported Q2 earnings per share of $2.80, surpassing analysts' expectations, alongside a forecast of 9.9 EPS for the current year.

Truist Financial Corp lifted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 216.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,148 shares of the industrial products company's stock after purchasing an additional 7,629 shares during the quarter. Truist Financial Corp's holdings in Applied Industrial Technologies were worth $2,591,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC raised its position in Applied Industrial Technologies by 111.1% during the first quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 70 shares in the last quarter. Maseco LLP purchased a new position in Applied Industrial Technologies during the second quarter valued at approximately $35,000. Wayfinding Financial LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $38,000. Opal Wealth Advisors LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $41,000. Finally, First Horizon Advisors Inc. raised its position 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 valued at $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.

Insider Activity at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 26,671 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 149,735 shares of the company's stock, valued at $39,299,448.10. This represents a 15.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Kurt W. Loring sold 8,523 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,660 shares of company stock valued at $11,217,980 in the last three months. 1.60% of the stock is currently owned by company insiders.

Applied Industrial Technologies Stock Down 1.6%

Shares of NYSE AIT opened at $251.06 on Friday. The stock has a market cap of $9.48 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 2.70 and a beta of 0.96. 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, Inc. has a 52-week low of $199.96 and a 52-week high of $282.98. The business has a 50-day moving average price of $262.95 and a 200 day moving average price of $244.57.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results 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. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.18 billion. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.The business's revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on AIT. Bank of America lifted their price target on Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, August 22nd. Robert W. Baird lifted their price target on Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 15th. Oppenheimer lifted their price target on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, August 15th. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Applied Industrial Technologies in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $285.00.

Applied Industrial Technologies 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.

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