Insider Selling: Applied Industrial Technologies (NYSE:AIT) Director Sells $648,216.80 in Stock

Applied Industrial Technologies, Inc. (NYSE:AIT) Director Peter Wallace sold 1,904 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total value of $648,216.80. Following the completion of the transaction, the director directly owned 22,859 shares in the company, valued at $7,782,346.55. This trade represents a 7.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded down $4.06 during trading hours on Thursday, reaching $338.38. 193,654 shares of the company traded hands, compared to its average volume of 299,488. The firm has a 50-day moving average price of $340.96 and a 200 day moving average price of $307.70. The company has a market cap of $12.42 billion, a P/E ratio of 30.87, a P/E/G ratio of 2.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results 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 net margin of 8.35% and a return on equity of 22.17%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the firm posted $2.80 EPS. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, sell-side analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 14th will be paid 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 dividend yield of 0.6%. Applied Industrial Technologies’s dividend payout ratio is 18.61%.

Hedge Funds Weigh In On Applied Industrial Technologies

Several institutional investors have recently added to or reduced their stakes in the company. Torren Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter worth approximately $25,000. Anchor Investment Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $32,000. Global Retirement Partners LLC bought a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $37,000. Kilter Group LLC purchased a new position in shares of Applied Industrial Technologies in the second quarter valued at $40,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Applied Industrial Technologies by 78.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Analysts Set New Price Targets

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

About Applied Industrial Technologies

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.