Granite Investment Partners LLC Sells 6,809 Shares of Applied Industrial Technologies, Inc. $AIT

Granite Investment Partners LLC cut its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 41.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,478 shares of the industrial products company’s stock after selling 6,809 shares during the quarter. Granite Investment Partners LLC’s holdings in Applied Industrial Technologies were worth $2,474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AIT. Goldman Sachs Group Inc. raised its holdings 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 valued at $85,897,000 after purchasing an additional 14,926 shares in the last quarter. Empowered Funds LLC purchased a new position in Applied Industrial Technologies during the first quarter valued at approximately $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake 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 in the last quarter. Focus Partners Wealth raised its stake 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 in the last quarter. Finally, Ethic Inc. lifted its holdings in Applied Industrial Technologies by 24.7% during the second quarter. Ethic Inc. now owns 3,193 shares of the industrial products company’s stock worth $740,000 after buying an additional 632 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Stock Down 1.0%

AIT stock opened at $279.01 on Tuesday. The stock has a market capitalization of $10.41 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 2.70 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 52 week low of $199.96 and a 52 week high of $296.70. The company has a quick ratio of 2.56, a current ratio of 3.68 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average of $272.12 and a 200 day moving average of $263.30.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.49% and a return on equity of 21.74%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $2.39 earnings per share. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. Sell-side analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, February 13th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.46. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 19.41%.

Insider Activity

In related news, VP Jason W. Vasquez sold 5,447 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $287.87, for a total value of $1,568,027.89. Following the transaction, the vice president owned 14,491 shares in the company, valued at approximately $4,171,524.17. This represents a 27.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $288.62, for a total transaction of $1,154,480.00. Following the transaction, the vice president directly owned 52,751 shares of the company’s stock, valued at $15,224,993.62. This represents a 7.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,654 shares of company stock valued at $8,212,829. Company insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Monday, December 29th. Wall Street Zen downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. KeyCorp cut their target price on Applied Industrial Technologies from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 28th. Finally, Mizuho set a $305.00 target price on shares of Applied Industrial Technologies in a report on Wednesday, October 29th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $290.63.

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.