William Blair Investment Management LLC Buys Shares of 82,717 Applied Industrial Technologies, Inc. $AIT

Key Points

• William Blair Investment Management bought 82,717 shares of Applied Industrial Technologies worth approximately $28.0 million, joining other institutional investors that collectively own 93.52% of the company.
• Analysts remain bullish: seven analysts rate AIT as a Buy, with a consensus price target of $400. The company also exceeded quarterly expectations, reporting $3.17 in EPS and $1.35 billion in revenue, up 10.5% year over year.
• Applied Industrial Technologies declared a quarterly dividend of $0.51 per share, equivalent to $2.04 annually and a 0.6% yield, while two insiders recently sold shares.

William Blair Investment Management LLC purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 82,717 shares of the industrial products company's stock, valued at approximately $27,971,000. William Blair Investment Management LLC owned about 0.22% of Applied Industrial Technologies as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of AIT. Torren Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $25,000. Anchor Investment Management LLC bought a new position in Applied Industrial Technologies in the fourth quarter worth about $32,000. Global Retirement Partners LLC bought a new position in Applied Industrial Technologies in the second quarter worth about $37,000. Kilter Group LLC bought a new position in Applied Industrial Technologies in the second quarter worth about $40,000. Finally, Smartleaf Asset Management LLC boosted its stake in Applied Industrial Technologies by 78.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 78 shares during the period. 93.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on AIT shares. Mizuho raised their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. DA Davidson upped their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. KeyCorp increased their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Finally, Oppenheimer raised their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $400.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $341.38 on Friday. The firm's 50 day moving average is $340.04 and its two-hundred day moving average is $306.27. The firm has a market capitalization of $12.53 billion, a P/E ratio of 31.15, a PEG ratio of 2.74 and a beta of 0.84. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (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 business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm posted $2.80 earnings per share. The business's revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies's payout ratio is 18.61%.

Insiders Place Their Bets

In other news, CFO David K. Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares of the company's stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total value of $1,268,427.05. Following the transaction, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company's stock.

Applied Industrial Technologies 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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