Emerald Investment Advisers LLC Makes New $11.57 Million Investment in Applied Industrial Technologies, Inc. $AIT

Emerald Investment Advisers LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, Holdings Channel reports. The institutional investor purchased 34,221 shares of the industrial products company’s stock, valued at approximately $11,572,000. Applied Industrial Technologies comprises about 0.8% of Emerald Investment Advisers LLC’s portfolio, making the stock its 28th largest position.

Several other large investors also recently made changes to their positions in the business. Goldman Sachs Group Inc. grew its stake in shares of Applied Industrial Technologies by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company’s stock worth $85,897,000 after purchasing an additional 14,926 shares during the last quarter. Empowered Funds LLC bought a new stake in Applied Industrial Technologies during the first quarter worth approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Applied Industrial Technologies by 12.4% in the first 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 grew its position in Applied Industrial Technologies by 4.5% in the first 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 bought a new position in shares of Applied Industrial Technologies in the second quarter valued at $217,000. Institutional investors own 93.52% of the company’s stock.

Insiders Place Their Bets

In other news, CFO David K. Wells sold 1,812 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares of the company’s stock, valued at $11,380,955. This trade represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AIT. DA Davidson increased their price objective on Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, August 14th. Oppenheimer lifted their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Robert W. Baird boosted their target price 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Finally, Mizuho upped their target price on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and an average target price of $400.00.

Applied Industrial Technologies Stock Up 0.3%

AIT stock opened at $341.38 on Friday. Applied Industrial Technologies, Inc. has a 52-week low of $238.34 and a 52-week high of $374.80. The company’s 50 day simple moving average is $340.04 and its 200-day simple moving average is $306.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The firm has a market capitalization of $12.53 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.73 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results 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. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the firm earned $2.80 EPS. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities research analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

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.