Paralel Advisors LLC Purchases Shares of 8,707 Applied Industrial Technologies, Inc. $AIT

Paralel Advisors LLC purchased a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,707 shares of the industrial products company’s stock, valued at approximately $2,944,000.

Several other large investors also recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in 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 period. Empowered Funds LLC acquired a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Applied Industrial Technologies by 12.4% in 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 valued at $22,162,000 after purchasing an additional 10,863 shares during the period. Focus Partners Wealth lifted its holdings in shares of 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 valued at $302,000 after purchasing an additional 58 shares in the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $217,000. Institutional investors own 93.52% of the company’s stock.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction 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 represents a 43.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction 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 approximately $11,380,955. This represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by insiders.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT opened at $339.61 on Friday. The stock has a 50 day moving average price of $339.60 and a 200 day moving average price of $306.02. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80. 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 stock has a market capitalization of $12.46 billion, a PE ratio of 30.99, a price-to-earnings-growth ratio of 2.78 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share 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 firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter in the previous year, the firm earned $2.80 EPS. The business’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. Analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AIT. Bank of America increased their price objective on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. KeyCorp boosted their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” 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 research report on Saturday, August 15th. Robert W. Baird raised their price target on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Tuesday, July 21st. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $384.29.

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.