L2 Asset Management LLC Makes New $1.74 Million Investment in Applied Industrial Technologies, Inc. $AIT

L2 Asset Management LLC acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 5,131 shares of the industrial products company’s stock, valued at approximately $1,735,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Whalen Wealth Management Inc. purchased a new stake in shares of Applied Industrial Technologies during the second quarter worth approximately $214,000. Sanctuary Advisors LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $562,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at $287,000. Bank of Nova Scotia purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at $25,294,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at $379,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $338.74 on Tuesday. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. The stock has a market cap of $12.43 billion, a PE ratio of 30.91, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84. The firm’s fifty day simple moving average is $340.49 and its 200-day simple moving average is $306.99.

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

Applied Industrial Technologies Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AIT shares. Oppenheimer upped their price objective 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. 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 note on Friday, August 14th. Bank of America increased their price target on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Robert W. Baird increased their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, DA Davidson raised their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $400.00.

Insider Buying and Selling

In other news, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction that occurred 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 directly owned 32,050 shares in the company, valued at approximately $11,380,955. This trade represents a 5.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Madhuri A. Andrews sold 3,845 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total value of $1,268,427.05. Following the sale, the director directly owned 4,951 shares in the company, valued at $1,633,285.39. This trade represents a 43.71% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by company 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.