VELA Investment Management LLC Sells 2,412 Shares of Applied Industrial Technologies, Inc. $AIT

VELA Investment Management LLC lessened its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 18.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,905 shares of the industrial products company’s stock after selling 2,412 shares during the period. VELA Investment Management LLC’s holdings in Applied Industrial Technologies were worth $3,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in AIT. Norges Bank purchased a new position in shares of Applied Industrial Technologies in the 4th quarter worth approximately $125,044,000. Thrivent Financial for Lutherans lifted its position in Applied Industrial Technologies by 1,628.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock valued at $50,570,000 after acquiring an additional 185,553 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Applied Industrial Technologies by 40.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock valued at $5,539,000 after acquiring an additional 6,254 shares during the last quarter. Quantinno Capital Management LP boosted its stake in Applied Industrial Technologies by 89.0% in the first quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock valued at $2,702,000 after acquiring an additional 4,794 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Applied Industrial Technologies by 29.0% in the first quarter. Hillsdale Investment Management Inc. now owns 17,800 shares of the industrial products company’s stock valued at $4,723,000 after acquiring an additional 4,000 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the transaction, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the transaction, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This trade represents a 7.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 7,561 shares of company stock worth $2,560,085 over the last 90 days. 1.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AIT has been the topic of a number of recent analyst reports. DA Davidson upped their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Robert W. Baird boosted their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Bank of America upped their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, Mizuho increased their price target on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $400.00.

Applied Industrial Technologies Trading Down 0.1%

Applied Industrial Technologies stock opened at $325.36 on Monday. The stock has a 50-day moving average price of $339.15 and a 200 day moving average price of $309.68. The company has a market capitalization of $11.94 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.61 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week 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.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share 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 company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company earned $2.80 EPS. Applied Industrial Technologies’s quarterly 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. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 11.96 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a $0.51 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is presently 18.61%.

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.