Mitsubishi UFJ Asset Management Co. Ltd. Acquires Shares of 3,495 Applied Industrial Technologies, Inc. $AIT

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, Holdings Channel.com reports. The firm bought 3,495 shares of the industrial products company’s stock, valued at approximately $1,182,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Torren Management LLC purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $25,000. Anchor Investment Management LLC purchased 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. Smartleaf Asset Management LLC raised 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 buying an additional 78 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Applied Industrial Technologies during the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Price Performance

AIT stock opened at $341.38 on Friday. The firm has a 50 day moving average of $340.04 and a 200-day moving average of $306.27. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 31.15, a PEG ratio of 2.74 and a beta of 0.84. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the firm posted $2.80 EPS. The company’s 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, equities analysts expect 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. Shareholders of record on Friday, August 14th will be given 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%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Robert W. Baird upped their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Bank of America upped their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, DA Davidson increased their price target on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Buy” and a consensus target price of $400.00.

Insider Buying and Selling at Applied Industrial Technologies

In other news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the transaction, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. The trade was a 5.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction dated 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. This represents a 43.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by corporate insiders.

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.