Wellington Management Group LLP Sells 122,998 Shares of Applied Industrial Technologies, Inc. $AIT

Wellington Management Group LLP decreased its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 16.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 631,562 shares of the industrial products company’s stock after selling 122,998 shares during the period. Wellington Management Group LLP owned 1.71% of Applied Industrial Technologies worth $213,563,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in AIT. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies in the fourth quarter worth approximately $32,000. Global Retirement Partners LLC bought a new position in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $37,000. Kilter Group LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth approximately $40,000. Smartleaf Asset Management LLC grew its position in shares of Applied Industrial Technologies by 78.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after buying an additional 78 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Applied Industrial Technologies during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Upgrades and Downgrades

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

Applied Industrial Technologies Price Performance

Shares of AIT opened at $324.20 on Tuesday. The business’s fifty day moving average is $340.32 and its 200 day moving average is $308.58. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $374.80. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The stock has a market cap of $11.90 billion, a P/E ratio of 29.58, a P/E/G ratio of 2.59 and a beta of 0.84.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.29 billion. During the same quarter in the previous year, the business posted $2.80 EPS. Applied Industrial Technologies’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. Sell-side analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Insider Transactions at Applied Industrial Technologies

In related news, CFO David K. Wells sold 1,812 shares of the company’s 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 sale, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. This represents a 5.35% decrease in their position. The transaction was disclosed in a legal 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 dated 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 completion of the transaction, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. The trade was a 43.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,561 shares of company stock valued at $2,560,085 over the last three months. Corporate insiders own 1.60% of the company’s stock.

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.