Caisse de depot et placement du Quebec Purchases Shares of 146,501 Applied Industrial Technologies, Inc. $AIT

Caisse de depot et placement du Quebec acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, Holdings Channel reports. The firm acquired 146,501 shares of the industrial products company’s stock, valued at approximately $49,539,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Torren Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter valued at about $25,000. Global Retirement Partners LLC bought a new position in Applied Industrial Technologies in the second quarter worth approximately $37,000. Kilter Group LLC acquired a new stake in Applied Industrial Technologies in the second quarter valued at approximately $40,000. Anchor Investment Management LLC acquired a new stake in Applied Industrial Technologies in the fourth quarter valued at approximately $32,000. Finally, Silvant Capital Management LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $54,000. Institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Down 1.2%

NYSE AIT opened at $338.38 on Friday. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $340.95 and a 200 day simple moving average of $308.02. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The firm has a market capitalization of $12.42 billion, a P/E ratio of 30.87, a PEG ratio of 2.75 and a beta of 0.84.

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 analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts predict that Applied Industrial Technologies, Inc. will post 11.95 EPS 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. Shareholders of record on Friday, August 14th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio is presently 18.61%.

Insiders Place Their Bets

In other news, CFO David K. Wells sold 1,812 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the transaction, the chief financial officer owned 32,050 shares in the company, valued at $11,380,955. The trade was a 5.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The shares were 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 of the company’s stock, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,561 shares of company stock valued at $2,560,085. Corporate insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

AIT has been the topic of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. Oppenheimer upped their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Robert W. Baird raised their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. DA Davidson lifted their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the company a “buy” rating in a report on Friday, August 14th. Finally, Mizuho boosted their target price on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Applied Industrial Technologies currently has an average rating of “Buy” and an average target price of $400.00.

Applied Industrial Technologies Company 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.