Key Points
- Director Peter Wallace sold 1,904 Applied Industrial Technologies shares at an average price of $340.45, totaling approximately $648,217 and reducing his position by 7.69%.
- Applied Industrial Technologies reported quarterly earnings of $3.17 per share, exceeding estimates by $0.25, while revenue rose 10.5% year over year to $1.35 billion.
- Analysts maintain a consensus “Buy” rating with a $400 price target, and the company declared a quarterly dividend of $0.51 per share, yielding approximately 0.6%.
Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) Director Peter Wallace sold 1,904 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Applied Industrial Technologies Trading Down 1.2%
AIT opened at $338.38 on Friday. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80. The business has a fifty day simple moving average of $340.95 and a 200-day simple moving average of $308.02. The firm has a market cap of $12.42 billion, a P/E ratio of 30.87, a P/E/G ratio of 2.75 and a beta of 0.84. 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 (NYSE:AIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The company's revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.
Applied Industrial Technologies Announces Dividend
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 $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies's payout ratio is currently 18.61%.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on AIT. Bank of America boosted 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. KeyCorp increased their target price on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Mizuho raised their price target on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Oppenheimer boosted their price target on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. Finally, 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 research report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $400.00.
View Our Latest Research Report on AIT
Institutional Investors Weigh In On Applied Industrial Technologies
Several institutional investors have recently modified their holdings of AIT. Goldman Sachs Group Inc. increased its holdings in Applied Industrial Technologies by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company's stock valued at $85,897,000 after buying an additional 14,926 shares during the last quarter. Empowered Funds LLC acquired a new stake in Applied Industrial Technologies in the first quarter valued at $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Applied Industrial Technologies by 12.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company's stock worth $22,162,000 after buying an additional 10,863 shares during the last quarter. Focus Partners Wealth lifted its holdings in Applied Industrial Technologies by 4.5% during the 1st quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock worth $302,000 after buying an additional 58 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth about $217,000. 93.52% of the stock is owned by hedge funds and other institutional investors.
Applied Industrial Technologies Company Profile
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Get Free Report)
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.
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