QRG Capital Management Inc. Grows Position in Applied Industrial Technologies, Inc. $AIT

QRG Capital Management Inc. boosted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 11.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,311 shares of the industrial products company’s stock after buying an additional 871 shares during the quarter. QRG Capital Management Inc.’s holdings in Applied Industrial Technologies were worth $1,932,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Alyeska Investment Group L.P. increased its position in shares of Applied Industrial Technologies by 27.9% during the 1st quarter. Alyeska Investment Group L.P. now owns 602,798 shares of the industrial products company’s stock valued at $135,835,000 after purchasing an additional 131,465 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Applied Industrial Technologies by 452.6% during the 1st quarter. Alliancebernstein L.P. now owns 436,565 shares of the industrial products company’s stock valued at $98,376,000 after purchasing an additional 357,568 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Applied Industrial Technologies by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock valued at $85,897,000 after purchasing an additional 14,926 shares during the last quarter. Millennium Management LLC increased its position in shares of Applied Industrial Technologies by 144.0% during the 1st quarter. Millennium Management LLC now owns 320,903 shares of the industrial products company’s stock valued at $72,312,000 after purchasing an additional 189,408 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Applied Industrial Technologies by 3.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 320,284 shares of the industrial products company’s stock valued at $72,174,000 after purchasing an additional 10,667 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AIT shares. Oppenheimer raised their target price on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, August 15th. Bank of America increased their price target on Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, August 22nd. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Raymond James Financial downgraded Applied Industrial Technologies from an “outperform” rating to a “market perform” rating in a research note on Friday, August 15th. Finally, Robert W. Baird increased their price target on Applied Industrial Technologies from $265.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, August 15th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Stock Down 2.2%

Shares of NYSE AIT opened at $253.26 on Wednesday. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $282.98. The business has a 50-day simple moving average of $263.72 and a two-hundred day simple moving average of $244.38. The company has a quick ratio of 2.36, a current ratio of 3.32 and a debt-to-equity ratio of 0.31. The company has a market cap of $9.56 billion, a P/E ratio of 25.03, a P/E/G ratio of 2.74 and a beta of 0.96.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, August 14th. The industrial products company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.60 by $0.20. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company earned $2.64 EPS. The firm’s revenue was up 5.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. Research analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Jason W. Vasquez sold 7,466 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $260.08, for a total transaction of $1,941,757.28. Following the completion of the sale, the vice president owned 14,491 shares in the company, valued at approximately $3,768,819.28. This trade represents a 34.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil A. Schrimsher sold 26,671 shares of Applied Industrial Technologies stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $262.46, for a total value of $7,000,070.66. Following the sale, the chief executive officer owned 149,735 shares of the company’s stock, valued at approximately $39,299,448.10. This trade represents a 15.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,660 shares of company stock worth $11,217,980 in the last quarter. 1.60% of the stock is owned by company insiders.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.