Caisse de depot et placement du Quebec Acquires New Position in Applied Industrial Technologies, Inc. $AIT

Caisse de depot et placement du Quebec acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 146,501 shares of the industrial products company’s stock, valued at approximately $49,539,000. Caisse de depot et placement du Quebec owned approximately 0.40% of Applied Industrial Technologies at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AIT. BlackRock Inc. acquired a new stake in Applied Industrial Technologies in the second quarter valued at about $1,336,805,000. First Trust Advisors LP raised its stake in Applied Industrial Technologies by 34.3% during the first quarter. First Trust Advisors LP now owns 978,840 shares of the industrial products company’s stock worth $259,706,000 after acquiring an additional 249,961 shares in the last quarter. Capital International Investors raised its stake in Applied Industrial Technologies by 25.4% during the fourth quarter. Capital International Investors now owns 962,925 shares of the industrial products company’s stock worth $247,250,000 after acquiring an additional 195,043 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Applied Industrial Technologies by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 776,394 shares of the industrial products company’s stock worth $199,355,000 after acquiring an additional 6,953 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Applied Industrial Technologies by 0.5% in 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 in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO David K. Wells sold 1,812 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 7,561 shares of company stock valued at $2,560,085. 1.60% of the stock is currently owned by company insiders.

Applied Industrial Technologies Stock Down 1.2%

NYSE:AIT opened at $338.38 on Friday. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The company has a market cap of $12.42 billion, a PE ratio of 30.87, a P/E/G ratio of 2.75 and a beta of 0.84. The firm’s 50 day simple moving average is $340.95 and its 200 day simple moving average is $308.02.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, research analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 18.61%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AIT. DA Davidson lifted their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Oppenheimer raised their target price on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Robert W. Baird boosted 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. Mizuho upped their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, KeyCorp increased their price target on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Applied Industrial Technologies presently has an average rating of “Buy” and an average target price of $400.00.

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.