Applied Industrial Technologies, Inc. $AIT Shares Newly Bought by ASK Capital Investment Managers LLC

ASK Capital Investment Managers LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 12,033 shares of the industrial products company’s stock, valued at approximately $3,998,000. Applied Industrial Technologies makes up approximately 4.4% of ASK Capital Investment Managers LLC’s portfolio, making the stock its 10th biggest position.

Other hedge funds have also made changes to their positions in the company. Anchor Investment Management LLC bought a new position in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $37,000. Kilter Group LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $40,000. Silvant Capital Management LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter worth approximately $54,000. Finally, Harbor Investment Advisory LLC bought a new stake in Applied Industrial Technologies during the second quarter worth approximately $96,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 0.2%

Applied Industrial Technologies stock opened at $333.00 on Wednesday. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The firm has a market capitalization of $12.23 billion, a PE ratio of 30.46, a PEG ratio of 2.68 and a beta of 0.85. The business’s 50-day simple moving average is $335.84 and its 200-day simple moving average is $320.90.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results 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 for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%. The company’s revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 11.96 earnings per share for the current year.

Insider Buying and Selling

In other news, 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 value of $648,216.80. Following the completion of the sale, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Wells sold 1,812 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. The trade was a 5.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on AIT. 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 report on Friday, August 14th. Mizuho lifted their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Sunday. Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, Robert W. Baird raised their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $400.00.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc is a distributor and value-added service provider of industrial products and engineered solutions. The company supplies products used to maintain, repair and operate manufacturing, processing, infrastructure and other industrial facilities, including bearings, power-transmission components, fluid-power equipment, industrial motion products, automation technologies, safety products and related supplies.

In addition to distributing products from leading manufacturers, Applied Industrial Technologies provides technical support, engineering, fabrication, repair and maintenance services.