Public Employees Retirement System of Ohio Makes New $3.85 Million Investment in Applied Industrial Technologies, Inc. $AIT

Public Employees Retirement System of Ohio acquired a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,392 shares of the industrial products company’s stock, valued at approximately $3,852,000.

Other large investors have also made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in Applied Industrial Technologies during the second quarter worth about $37,000. Kilter Group LLC acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $40,000. Anchor Investment Management LLC acquired a new position in Applied Industrial Technologies in the 4th quarter valued at approximately $32,000. Silvant Capital Management LLC bought a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth approximately $54,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Applied Industrial Technologies by 78.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock worth $46,000 after acquiring an additional 78 shares during the period. Institutional investors and hedge funds own 93.52% of the company’s stock.

Insider Buying and Selling

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction dated 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. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David K. Wells sold 1,812 shares of the company’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 transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,561 shares of company stock worth $2,560,085 in the last 90 days. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Stock Up 0.8%

Shares of AIT opened at $322.12 on Friday. The company has a market capitalization of $11.82 billion, a P/E ratio of 29.39, a PEG ratio of 2.57 and a beta of 0.83. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80. The business’s 50 day simple moving average is $339.38 and its 200-day simple moving average is $309.36. 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 (NYSE:AIT) last released its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The business’s revenue was up 10.5% on a year-over-year basis. During the same period last year, the firm posted $2.80 EPS. 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 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Investors of record on Friday, August 14th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AIT shares. Oppenheimer boosted their price objective on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Robert W. Baird boosted their price target 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. Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings restated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. Finally, Bank of America upped their target price on shares of Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $400.00.

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.