Meritage Portfolio Management Sells 227 Shares of Applied Industrial Technologies, Inc. $AIT

Meritage Portfolio Management cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 5.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,213 shares of the industrial products company’s stock after selling 227 shares during the period. Meritage Portfolio Management’s holdings in Applied Industrial Technologies were worth $979,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Applied Industrial Technologies by 13.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,478 shares of the industrial products company’s stock valued at $809,000 after acquiring an additional 419 shares in the last quarter. Concurrent Investment Advisors LLC grew its holdings in Applied Industrial Technologies by 6.2% during the second quarter. Concurrent Investment Advisors LLC now owns 1,502 shares of the industrial products company’s stock valued at $349,000 after purchasing an additional 88 shares during the period. Johnson Investment Counsel Inc. grew its holdings in Applied Industrial Technologies by 1.0% during the second quarter. Johnson Investment Counsel Inc. now owns 12,582 shares of the industrial products company’s stock valued at $2,925,000 after purchasing an additional 120 shares during the period. Monument Capital Management bought a new position in Applied Industrial Technologies during the second quarter valued at $203,000. Finally, Maryland State Retirement & Pension System bought a new position in Applied Industrial Technologies during the second quarter valued at $430,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Trading Down 2.1%

NYSE:AIT opened at $245.81 on Monday. The company has a market cap of $9.28 billion, a P/E ratio of 24.29, a P/E/G ratio of 2.60 and a beta of 0.96. The stock’s fifty day moving average price is $262.58 and its two-hundred day moving average price is $244.79. Applied Industrial Technologies, Inc. has a 1 year low of $199.96 and a 1 year high of $282.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, August 14th. The industrial products company reported $2.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.60 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.64 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Insider Buying and Selling

In related news, CEO Neil A. Schrimsher sold 26,671 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total value of $7,000,070.66. Following the sale, the chief executive officer owned 149,735 shares in the company, valued at approximately $39,299,448.10. This trade represents a 15.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kurt W. Loring sold 8,523 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total value of $2,276,152.38. Following the completion of the sale, the vice president owned 19,273 shares in the company, valued at $5,147,047.38. This trade represents a 30.66% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,660 shares of company stock worth $11,217,980. Corporate insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

AIT has been the subject of several research reports. Bank of America increased their price objective on Applied Industrial Technologies from $275.00 to $290.00 and gave the company a “buy” rating in a report on Friday, August 22nd. Raymond James Financial lowered Applied Industrial Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, August 15th. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Robert W. Baird increased their price objective on Applied Industrial Technologies from $265.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, August 15th. Finally, Industrial Alliance Securities set a $290.00 target price on Applied Industrial Technologies in a research report on Friday, August 22nd. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.