Insider Selling: Applied Industrial Technologies (NYSE:AIT) CFO Sells $643,441.20 in Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) CFO David Wells sold 1,812 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Applied Industrial Technologies Stock Up 0.3%

Applied Industrial Technologies stock opened at $341.38 on Friday. Applied Industrial Technologies, Inc. has a 1-year low of $238.34 and a 1-year high of $374.80. The firm has a market capitalization of $12.53 billion, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84. The firm’s fifty day moving average price is $340.04 and its two-hundred day moving average price is $306.27. 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 (NYSE:AIT) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the company earned $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities research analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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 paid a dividend of $0.51 per share. The ex-dividend date is Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is 18.61%.

Analysts Set New Price Targets

Several analysts have recently commented on AIT shares. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. KeyCorp lifted their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Robert W. Baird upped their price target on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. DA Davidson increased their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Finally, Oppenheimer increased their price target on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report 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 a consensus price target of $400.00.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors and hedge funds have recently modified their holdings of AIT. BlackRock Inc. bought a new stake in Applied Industrial Technologies during the second quarter worth $1,336,805,000. First Trust Advisors LP grew its stake in Applied Industrial Technologies by 34.3% in the 1st quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock valued at $259,706,000 after purchasing an additional 249,961 shares during the period. Capital International Investors grew its stake in Applied Industrial Technologies by 25.4% in the 4th quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock valued at $247,250,000 after purchasing an additional 195,043 shares during the period. Wellington Management Group LLP increased its position in shares of Applied Industrial Technologies by 0.9% during the 4th quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company’s stock valued at $199,355,000 after purchasing an additional 6,953 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Applied Industrial Technologies by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 723,700 shares of the industrial products company’s stock valued at $185,833,000 after purchasing an additional 3,348 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

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.