Applied Industrial Technologies (NYSE:AIT) CFO David Wells Sells 1,812 Shares of Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) CFO David Wells sold 1,812 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer directly owned 32,050 shares in the company, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Applied Industrial Technologies Stock Down 1.9%

AIT opened at $339.61 on Friday. The business has a 50 day moving average price of $339.60 and a 200 day moving average price of $306.02. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The firm has a market cap of $12.46 billion, a P/E ratio of 30.99, a price-to-earnings-growth ratio of 2.78 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the business earned $2.80 earnings per share. The company’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. Research analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Mizuho upped their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Bank of America lifted their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Robert W. Baird boosted their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Oppenheimer increased 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. Finally, DA Davidson raised their target price on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Buy” and an average target price of $384.29.

Institutional Trading of Applied Industrial Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of AIT. Goldman Sachs Group Inc. raised its position in shares of Applied Industrial Technologies by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock valued at $85,897,000 after buying an additional 14,926 shares during the last quarter. Empowered Funds LLC acquired a new stake in Applied Industrial Technologies during the first quarter worth about $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Applied Industrial Technologies by 12.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company’s stock worth $22,162,000 after buying an additional 10,863 shares in the last quarter. Focus Partners Wealth increased its stake in Applied Industrial Technologies by 4.5% during the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company’s stock valued at $302,000 after acquiring an additional 58 shares during the period. Finally, M&T Bank Corp bought a new position in Applied Industrial Technologies during the second quarter valued at about $217,000. 93.52% of the stock is currently owned by institutional investors and hedge funds.

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.