Wesbanco Bank Inc. Trims Stock Holdings in 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. lowered its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 18.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Applied Industrial Technologies by 51.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 130 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 44 shares during the period. Rise Advisors LLC lifted its stake in shares of Applied Industrial Technologies by 111.1% in the first quarter. Rise Advisors LLC now owns 133 shares of the industrial products company's stock worth $30,000 after buying an additional 70 shares in the last quarter. Harbor Investment Advisory LLC boosted its position in Applied Industrial Technologies by 97.5% during the first quarter. Harbor Investment Advisory LLC now owns 160 shares of the industrial products company's stock worth $36,000 after acquiring an additional 79 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Applied Industrial Technologies during the first quarter worth about $38,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Applied Industrial Technologies during the 1st quarter valued at about $41,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $263.03 on Monday. 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 firm's 50 day moving average is $263.67 and its two-hundred day moving average is $240.83. The firm has a market capitalization of $9.93 billion, a P/E ratio of 25.99, a P/E/G ratio of 2.78 and a beta of 1.00.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.18 billion. During the same period in the previous year, the business earned $2.64 EPS. The business's quarterly revenue was up 5.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AIT shares. Industrial Alliance Securities set a $290.00 price objective on Applied Industrial Technologies in a research note on Friday, August 22nd. Raymond James Financial lowered shares of Applied Industrial Technologies from an "outperform" rating to a "market perform" rating in a report on Friday, August 15th. Wall Street Zen upgraded Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America lifted their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Finally, Robert W. Baird increased their target price on Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $285.00.

Insider Activity

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 26,671 shares of the company's stock in a transaction that occurred on 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. This represents a 15.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kurt W. Loring sold 8,523 shares of the company's stock in a transaction that occurred on 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 sale, the vice president directly owned 19,273 shares of the company's stock, valued at approximately $5,147,047.38. This represents a 30.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,660 shares of company stock valued at $11,217,980. Insiders own 1.60% of the company's stock.

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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