Legacy Wealth Asset Management LLC Takes $268,000 Position in Applied Industrial Technologies, Inc. $AIT

Legacy Wealth Asset Management LLC bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,154 shares of the industrial products company’s stock, valued at approximately $268,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $508,000. Mutual of America Capital Management LLC lifted its position in shares of Applied Industrial Technologies by 1.9% during the 2nd quarter. Mutual of America Capital Management LLC now owns 68,479 shares of the industrial products company’s stock valued at $15,918,000 after buying an additional 1,254 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $26,742,000. VELA Investment Management LLC lifted its position in shares of Applied Industrial Technologies by 12.8% during the 2nd quarter. VELA Investment Management LLC now owns 24,584 shares of the industrial products company’s stock valued at $5,715,000 after buying an additional 2,794 shares in the last quarter. Finally, Arista Wealth Management LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $1,246,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Transactions at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 8,523 shares of Applied Industrial Technologies stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total transaction of $2,276,152.38. Following the transaction, the vice president owned 19,273 shares in the company, valued at $5,147,047.38. The trade was a 30.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 26,671 shares of Applied Industrial Technologies 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 transaction, the chief executive officer owned 149,735 shares in the company, valued at approximately $39,299,448.10. This represents a 15.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,660 shares of company stock worth $11,217,980 in the last quarter. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Trading Up 4.0%

Shares of AIT stock opened at $259.58 on Wednesday. The stock’s fifty day moving average is $260.36 and its two-hundred day moving average is $245.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.36 and a current ratio of 3.32. The firm has a market capitalization of $9.80 billion, a P/E ratio of 25.65, a PEG ratio of 2.64 and a beta of 0.96. Applied Industrial Technologies, Inc. has a fifty-two week low of $199.96 and a fifty-two week high of $282.98.

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

Analyst Ratings Changes

AIT has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Wednesday, October 8th. Raymond James Financial lowered Applied Industrial Technologies from an “outperform” rating to a “market perform” rating in a research report on Friday, August 15th. Industrial Alliance Securities set a $290.00 price objective on Applied Industrial Technologies in a report on Friday, August 22nd. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Finally, Bank of America raised 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. Six analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and an average target price of $285.00.

About Applied Industrial Technologies

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.