Corient Private Wealth LP Acquires New Holdings in Applied Industrial Technologies, Inc. $AIT

Corient Private Wealth LP acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, HoldingsChannel.com reports. The fund acquired 4,067 shares of the industrial products company’s stock, valued at approximately $1,366,000.

A number of other institutional investors have also made changes to their positions in the stock. Anchor Investment Management LLC bought a new position in Applied Industrial Technologies in the 4th quarter worth $32,000. Global Retirement Partners LLC acquired a new position in shares of Applied Industrial Technologies during the second quarter worth approximately $37,000. Kilter Group LLC acquired a new stake in shares of Applied Industrial Technologies in the second quarter worth $40,000. Los Angeles Capital Management LLC acquired a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $46,000. Finally, Smartleaf Asset Management LLC increased its position in Applied Industrial Technologies by 78.8% during the fourth 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 period. 93.52% of the stock is owned by institutional investors.

Insider Transactions at Applied Industrial Technologies

In other news, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the completion of the sale, the director owned 4,951 shares in the company, valued at $1,633,285.39. The trade was 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 link. Also, Director Peter C. Wallace sold 1,904 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total value of $648,216.80. Following the transaction, the director directly owned 22,859 shares in the company, valued at $7,782,346.55. This trade represents a 7.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,561 shares of company stock valued at $2,560,085 in the last three months. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $325.36 on Friday. The firm has a market capitalization of $11.94 billion, a P/E ratio of 29.69, a P/E/G ratio of 2.59 and a beta of 0.83. The stock has a fifty day moving average price of $339.15 and a two-hundred day moving average price of $309.47. 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 current ratio of 2.58 and a quick ratio of 1.75.

Applied Industrial Technologies (NYSE:AIT) last posted its 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. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. During the same quarter in the prior year, the firm earned $2.80 EPS. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, 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 was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were paid a $0.51 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s payout ratio is 18.61%.

Wall Street Analyst Weigh In

Several research firms recently commented on AIT. Oppenheimer increased their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. DA Davidson lifted their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Robert W. Baird upped their target price on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, Bank of America boosted their price target 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. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $400.00.

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.