Canada Pension Plan Investment Board Makes New Investment in Applied Industrial Technologies, Inc. $AIT

Canada Pension Plan Investment Board purchased a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, HoldingsChannel.com reports. The fund purchased 47,980 shares of the industrial products company’s stock, valued at approximately $16,224,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc purchased a new stake in Applied Industrial Technologies during the 2nd quarter worth about $16,731,000. The Manufacturers Life Insurance Company acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at about $8,916,000. Van Hulzen Asset Management LLC purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at about $2,341,000. L2 Asset Management LLC purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at about $1,735,000. Finally, Whalen Wealth Management Inc. acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth about $214,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AIT. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Bank of America upped their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Oppenheimer increased their price target on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Finally, DA Davidson raised their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Buy” and an average price target of $400.00.

Insider Buying and Selling at Applied Industrial Technologies

In other news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the sale, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the transaction, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 7,561 shares of company stock valued at $2,560,085 over the last 90 days. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $321.09 on Friday. 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 firm has a market capitalization of $11.78 billion, a P/E ratio of 29.30, a PEG ratio of 2.72 and a beta of 0.84. The firm has a fifty day moving average of $340.60 and a 200-day moving average of $308.11. 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) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, analysts predict that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued a $0.51 dividend. 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 dividend payout ratio is currently 18.61%.

About Applied Industrial Technologies

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.