Principal Financial Group Inc. Sells 19,255 Shares of Applied Industrial Technologies, Inc. $AIT

Principal Financial Group Inc. cut its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 13.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 119,988 shares of the industrial products company’s stock after selling 19,255 shares during the quarter. Principal Financial Group Inc.’s holdings in Applied Industrial Technologies were worth $31,323,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new position in Applied Industrial Technologies in the 3rd quarter worth approximately $27,000. Hantz Financial Services Inc. raised its stake in shares of Applied Industrial Technologies by 2,033.3% in the second quarter. Hantz Financial Services Inc. now owns 128 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 122 shares during the last quarter. First Horizon Corp bought a new position in shares of Applied Industrial Technologies during the third quarter valued at $47,000. Headlands Technologies LLC bought a new stake in Applied Industrial Technologies in the 2nd quarter worth about $72,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in Applied Industrial Technologies during the second quarter valued at approximately $81,000. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 19,207 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $285.85, for a total value of $5,490,320.95. Following the transaction, the chief executive officer directly owned 130,528 shares in the company, valued at $37,311,428.80. The trade was a 12.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Jason W. Vasquez sold 5,447 shares of the stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $287.87, for a total value of $1,568,027.89. Following the completion of the transaction, the vice president owned 14,491 shares of the company’s stock, valued at $4,171,524.17. The trade was a 27.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,654 shares of company stock valued at $8,212,829 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AIT. Mizuho set a $305.00 price objective on shares of Applied Industrial Technologies in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Monday, December 29th. Wall Street Zen downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, KeyCorp cut their target price on Applied Industrial Technologies from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Wednesday, January 28th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $290.63.

Applied Industrial Technologies Stock Performance

Shares of NYSE:AIT opened at $292.27 on Friday. The company has a quick ratio of 2.56, a current ratio of 3.68 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $10.90 billion, a price-to-earnings ratio of 27.81, a price-to-earnings-growth ratio of 2.92 and a beta of 0.84. The firm has a 50 day moving average of $267.30 and a 200 day moving average of $262.41. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $295.26.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.03. Applied Industrial Technologies had a return on equity of 21.74% and a net margin of 8.49%.The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the prior year, the firm posted $2.39 earnings per share. The business’s quarterly revenue was up 8.4% on a year-over-year basis. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. On average, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be given a dividend of $0.51 per share. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.46. This represents a $2.04 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Friday, February 13th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 17.51%.

Applied Industrial Technologies 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.