Applied Industrial Technologies (NYSE:AIT) Director Peter Wallace Sells 1,904 Shares of Stock

Key Points

• Director Peter Wallace sold 1,904 AIT shares at an average price of $340.45, generating $648,216.80 and reducing his ownership by 7.69% to 22,859 shares.
• Applied Industrial Technologies reported quarterly EPS of $3.17, exceeding estimates of $2.92, while revenue rose 10.5% year over year to $1.35 billion.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and a $400 price target; the company also declared a quarterly dividend of $0.51 per share.

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) Director Peter Wallace sold 1,904 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the sale, the director owned 22,859 shares in the company, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Applied Industrial Technologies Trading Down 1.2%

Shares of AIT traded down $4.06 during trading hours on Thursday, reaching $338.38. 193,654 shares of the company traded hands, compared to its average volume of 299,488. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The company's fifty day moving average price is $340.96 and its two-hundred day moving average price is $307.70. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 30.87, a price-to-earnings-growth ratio of 2.70 and a beta of 0.84.

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 EPS for the quarter, topping the consensus estimate of $2.92 by $0.25. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period last year, the business posted $2.80 earnings per share. Applied Industrial Technologies'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. Equities research analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of recent research reports. Robert W. Baird lifted their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. KeyCorp raised their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Bank of America lifted their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a "buy" rating in a report on Friday, August 14th. Finally, Mizuho boosted their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $400.00.

Institutional Trading of Applied Industrial Technologies

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

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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