L2 Asset Management LLC Acquires New Holdings in Applied Industrial Technologies, Inc. $AIT

L2 Asset Management LLC bought a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, Holdings Channel.com reports. The fund bought 5,131 shares of the industrial products company’s stock, valued at approximately $1,735,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Applied Industrial Technologies in the second quarter valued at approximately $1,336,805,000. Corient Private Wealth LLC raised its position in shares of Applied Industrial Technologies by 22,451.0% during the 4th quarter. Corient Private Wealth LLC now owns 585,423 shares of the industrial products company’s stock worth $150,319,000 after purchasing an additional 582,827 shares during the last quarter. Norges Bank acquired a new position in shares of Applied Industrial Technologies during the 4th quarter worth approximately $125,044,000. Bank of New York Mellon Corp acquired a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $93,672,000. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Applied Industrial Technologies by 4,933.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 264,575 shares of the industrial products company’s stock valued at $67,935,000 after buying an additional 259,319 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Activity

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, August 18th. The shares were 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AIT. Oppenheimer increased their target price on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Robert W. Baird upped their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. 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 note on Friday, August 14th. Finally, KeyCorp lifted their price objective on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $400.00.

Applied Industrial Technologies Trading Down 0.8%

Shares of AIT opened at $338.74 on Tuesday. The stock has a fifty day moving average of $340.49 and a two-hundred day moving average of $306.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The company has a market capitalization 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. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the firm earned $2.80 earnings per share. The business’s 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, analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

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

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.