Hsbc Holdings PLC lifted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 34.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,891 shares of the industrial products company’s stock after purchasing an additional 7,092 shares during the quarter. Hsbc Holdings PLC owned about 0.08% of Applied Industrial Technologies worth $9,410,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Applied Industrial Technologies during the second quarter valued at $1,336,805,000. Corient Private Wealth LLC grew its stake in shares of Applied Industrial Technologies by 22,451.0% in the fourth quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after acquiring an additional 582,827 shares during the last quarter. Norges Bank bought a new position in shares of Applied Industrial Technologies during the fourth quarter valued at $125,044,000. Bank of New York Mellon Corp purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $93,672,000. Finally, Adage Capital Partners GP L.L.C. boosted its stake in Applied Industrial Technologies by 4,933.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock worth $67,935,000 after purchasing an additional 259,319 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Mizuho raised their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Robert W. Baird upped their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research note 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. KeyCorp boosted their price objective 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. Finally, Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $400.00.
Insider Buying and Selling at Applied Industrial Technologies
In other news, Director Madhuri Andrews sold 3,845 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares of the company’s stock, valued at $1,633,285.39. This represents a 43.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Peter Wallace sold 1,904 shares of the stock in a transaction that occurred 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 completion of the transaction, the director owned 22,859 shares in the company, valued at $7,782,346.55. This trade represents a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,561 shares of company stock worth $2,560,085 in the last three months. 1.60% of the stock is currently owned by company insiders.
Applied Industrial Technologies Trading Down 0.6%
Shares of AIT stock opened at $324.74 on Thursday. The company has a current ratio of 2.58, a quick ratio of 1.75 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 stock has a market capitalization of $11.92 billion, a P/E ratio of 29.63, a P/E/G ratio of 2.62 and a beta of 0.83. The firm’s 50 day moving average is $338.58 and its 200 day moving average is $310.65.
Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Research analysts expect that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current year.
Applied Industrial Technologies Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.
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.
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