Legal & General Group Plc Purchases New Position in Applied Industrial Technologies, Inc. $AIT

Legal & General Group Plc acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 49,478 shares of the industrial products company’s stock, valued at approximately $16,731,000. Legal & General Group Plc owned 0.13% of Applied Industrial Technologies at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Torren Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $25,000. Anchor Investment Management LLC purchased a new position in Applied Industrial Technologies in the 4th quarter worth approximately $32,000. Global Retirement Partners LLC acquired a new stake in Applied Industrial Technologies in the second quarter valued at approximately $37,000. Kilter Group LLC purchased a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $40,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 78 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Down 0.4%

Shares of NYSE:AIT opened at $321.09 on Monday. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The company has a fifty day simple moving average of $340.60 and a 200 day simple moving average of $308.29. The firm has a market cap of $11.78 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AIT. Oppenheimer upped 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 note on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Robert W. Baird upped their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Bank of America raised their target price on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Buy” and an average target price of $400.00.

Insider Transactions at Applied Industrial Technologies

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

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.