Wesbanco Bank Inc. Sells 2,700 Shares of Applied Industrial Technologies, Inc. $AIT

Key Points

• Wesbanco Bank Inc. has reduced its holdings in Applied Industrial Technologies by 18.4%, bringing its total shares owned to 12,005, valued at approximately $2.79 million.
• Applied Industrial Technologies recently reported earnings of $2.80 per share, exceeding analyst expectations, with quarterly revenue increasing by 5.5% year-over-year to $1.22 billion.
• The company announced a quarterly dividend of $0.46 per share, resulting in a 0.7% dividend yield and a payout ratio of 18.18%.

Wesbanco Bank Inc. decreased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 18.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,005 shares of the industrial products company's stock after selling 2,700 shares during the period. Wesbanco Bank Inc.'s holdings in Applied Industrial Technologies were worth $2,791,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AIT. Focus Partners Wealth acquired a new position in shares of Applied Industrial Technologies in the fourth quarter worth about $307,000. Gotham Asset Management LLC grew its holdings in shares of Applied Industrial Technologies by 120.2% during the fourth quarter. Gotham Asset Management LLC now owns 3,950 shares of the industrial products company's stock valued at $946,000 after purchasing an additional 2,156 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in Applied Industrial Technologies in the 4th quarter worth approximately $327,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Applied Industrial Technologies by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,892 shares of the industrial products company's stock valued at $5,242,000 after purchasing an additional 848 shares in the last quarter. Finally, Nomura Holdings Inc. bought a new position in Applied Industrial Technologies during the 4th quarter valued at $1,219,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Insider Activity

In other news, VP Jason W. Vasquez sold 7,466 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $260.08, for a total transaction of $1,941,757.28. Following the completion of the sale, the vice president directly owned 14,491 shares of the company's stock, valued at $3,768,819.28. The trade was a 34.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction 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. The trade was a 15.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,660 shares of company stock worth $11,217,980. Company insiders own 1.60% of the company's stock.

Applied Industrial Technologies Stock Down 1.4%

NYSE:AIT traded down $3.78 on Friday, hitting $258.99. 64,134 shares of the company's stock were exchanged, compared to its average volume of 384,709. The firm has a 50-day moving average price of $264.62 and a 200-day moving average price of $241.34. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $282.98. The company has a market cap of $9.78 billion, a P/E ratio of 25.59, a price-to-earnings-growth ratio of 2.74 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The industrial products company reported $2.80 EPS for the quarter, beating analysts' consensus estimates of $2.60 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 21.78%. Applied Industrial Technologies's quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were issued a dividend of $0.46 per share. The ex-dividend date was Friday, August 15th. This represents a $1.84 annualized dividend and a dividend yield of 0.7%. Applied Industrial Technologies's dividend payout ratio is currently 18.18%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Raymond James Financial downgraded Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a research report on Friday, August 15th. Bank of America increased their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Robert W. Baird lifted their target price on shares of Applied Industrial Technologies from $265.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, August 15th. Finally, Oppenheimer lifted their target price on shares of Applied Industrial Technologies from $290.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, August 15th. Six 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $285.00.

About Applied Industrial Technologies

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.