Granite Investment Partners LLC Decreases Stake in Applied Industrial Technologies, Inc. $AIT

Granite Investment Partners LLC cut its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 41.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,478 shares of the industrial products company’s stock after selling 6,809 shares during the period. Granite Investment Partners LLC’s holdings in Applied Industrial Technologies were worth $2,474,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $107,228,000. Qube Research & Technologies Ltd purchased a new stake in Applied Industrial Technologies during the second quarter valued at $81,722,000. Dundas Partners LLP raised its stake in Applied Industrial Technologies by 12,956.0% during the second quarter. Dundas Partners LLP now owns 266,212 shares of the industrial products company’s stock valued at $61,881,000 after purchasing an additional 264,173 shares in the last quarter. Squarepoint Ops LLC lifted its position in Applied Industrial Technologies by 11,885.4% during the second quarter. Squarepoint Ops LLC now owns 258,286 shares of the industrial products company’s stock valued at $60,039,000 after purchasing an additional 256,131 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of Applied Industrial Technologies by 69.2% in the 2nd quarter. Royal London Asset Management Ltd. now owns 393,743 shares of the industrial products company’s stock worth $91,526,000 after buying an additional 161,048 shares in the last quarter. Institutional investors own 93.52% of the company’s stock.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $288.62, for a total value of $1,154,480.00. Following the completion of the sale, the vice president owned 52,751 shares in the company, valued at approximately $15,224,993.62. The trade was a 7.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jason W. Vasquez sold 5,447 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $287.87, for a total value of $1,568,027.89. Following the completion of the transaction, the vice president directly owned 14,491 shares in the company, valued at approximately $4,171,524.17. This trade represents a 27.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,654 shares of company stock worth $8,212,829 in the last three months. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Price Performance

AIT opened at $279.01 on Tuesday. The business has a fifty day moving average of $272.12 and a 200 day moving average of $263.30. The stock has a market cap of $10.41 billion, a P/E ratio of 26.55, a PEG ratio of 2.70 and a beta of 0.84. The company has a quick ratio of 2.56, a current ratio of 3.68 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a 52-week low of $199.96 and a 52-week high of $296.70.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.17 billion. Applied Industrial Technologies had a return on equity of 21.74% and a net margin of 8.49%.The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the company earned $2.39 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. As a group, sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be given a $0.51 dividend. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.04 annualized dividend and a yield of 0.7%. Applied Industrial Technologies’s dividend payout ratio is presently 19.41%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wall Street Zen cut shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Monday, December 29th. Mizuho set a $305.00 price objective on shares of Applied Industrial Technologies in a research note on Wednesday, October 29th. Finally, KeyCorp cut their price objective on shares of Applied Industrial Technologies from $310.00 to $300.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 28th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $290.63.

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.