William Blair Investment Management LLC Acquires New Stake in Applied Industrial Technologies, Inc. $AIT

William Blair Investment Management LLC bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 82,717 shares of the industrial products company’s stock, valued at approximately $27,971,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Applied Industrial Technologies during the 2nd quarter valued at $1,336,805,000. First Trust Advisors LP raised its stake in shares of Applied Industrial Technologies by 34.3% in the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after buying an additional 249,961 shares in the last quarter. Capital International Investors raised its stake in shares of Applied Industrial Technologies by 25.4% in the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock worth $247,250,000 after buying an additional 195,043 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Applied Industrial Technologies by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company’s stock valued at $199,355,000 after buying an additional 6,953 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Applied Industrial Technologies by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company’s stock valued at $185,833,000 after buying an additional 3,348 shares during the period. 93.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AIT has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Bank of America upped their price target 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. DA Davidson raised their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, Mizuho lifted their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Buy” and a consensus price target of $400.00.

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT opened at $341.38 on Friday. The company’s fifty day moving average is $340.04 and its two-hundred day moving average is $306.27. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80. The company has a market cap of $12.53 billion, a P/E ratio of 31.15, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities analysts expect that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed 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 currently 18.61%.

Insider Transactions at Applied Industrial Technologies

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