Applied Industrial Technologies (NYSE:AIT) Sets New 52-Week High Following Dividend Announcement

Applied Industrial Technologies, Inc. (NYSE:AIT)’s share price hit a new 52-week high on Monday following a dividend announcement from the company. The company traded as high as $340.37 and last traded at $338.6250, with a volume of 485776 shares trading hands. The stock had previously closed at $337.96.

The newly announced dividend which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be issued 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 yield of 0.6%. Applied Industrial Technologies’s payout ratio is presently 19.26%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AIT. DA Davidson began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a “buy” rating and a $380.00 price target on the stock. Robert W. Baird set a $317.00 price objective on Applied Industrial Technologies in a report on Wednesday, April 29th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $300.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, February 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Friday, April 24th. Finally, Wall Street Zen lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.14.

Applied Industrial Technologies Stock Down 2.2%

The stock has a fifty day simple moving average of $308.92 and a two-hundred day simple moving average of $283.73. The firm has a market cap of $12.22 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 3.22 and a beta of 0.84. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.02. Applied Industrial Technologies had a return on equity of 21.64% and a net margin of 8.34%.The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the firm posted $2.57 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. As a group, sell-side analysts expect that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Insider Activity

In other news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Warren E. Hoffner III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total value of $2,448,320.00. Following the transaction, the vice president owned 40,751 shares in the company, valued at approximately $12,471,436.04. This represents a 16.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several institutional investors have recently bought and sold shares of AIT. Torren Management LLC purchased a new position in shares of Applied Industrial Technologies in the fourth quarter worth $25,000. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $32,000. V Square Quantitative Management LLC purchased a new stake in Applied Industrial Technologies during the fourth quarter valued at $34,000. Allworth Financial LP lifted its stake in shares of Applied Industrial Technologies by 446.4% in the 3rd quarter. Allworth Financial LP now owns 153 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 125 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 78 shares during the last quarter. 93.52% of the stock is owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

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.