Jefferies Financial Group Inc. Takes $755,000 Position in Applied Industrial Technologies, Inc. $AIT

Jefferies Financial Group Inc. acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,232 shares of the industrial products company’s stock, valued at approximately $755,000.

A number of other hedge funds have also modified their holdings of the company. Torren Management LLC acquired a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $25,000. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter valued at approximately $32,000. Global Retirement Partners LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $37,000. Kilter Group LLC acquired a new position in Applied Industrial Technologies during the 2nd quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC grew 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 in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The shares were 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 of the company’s stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 7,561 shares of company stock worth $2,560,085. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a report on Friday, August 14th. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. KeyCorp raised their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. DA Davidson lifted their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Finally, Mizuho boosted their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $400.00.

Applied Industrial Technologies Stock Down 0.4%

AIT stock opened at $321.09 on Monday. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $340.60 and a two-hundred day moving average price of $308.29. The company has a market cap of $11.78 billion, a price-to-earnings ratio of 29.30, a P/E/G ratio of 2.59 and a beta of 0.84. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80.

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

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 14th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Friday, August 14th. Applied Industrial Technologies’s payout ratio is presently 18.61%.

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.