The Manufacturers Life Insurance Company Takes $8.92 Million Position in Applied Industrial Technologies, Inc. $AIT

The Manufacturers Life Insurance Company bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 26,367 shares of the industrial products company’s stock, valued at approximately $8,916,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Torren Management LLC bought a new stake in Applied Industrial Technologies in the fourth quarter valued at about $25,000. Anchor Investment Management LLC acquired a new position in Applied Industrial Technologies during the 4th quarter valued at about $32,000. Global Retirement Partners LLC acquired a new stake in Applied Industrial Technologies in the 2nd quarter valued at approximately $37,000. Kilter Group LLC acquired a new stake in Applied Industrial Technologies in the second quarter worth approximately $40,000. Finally, Smartleaf Asset Management LLC boosted its stake in Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after buying an additional 78 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer owned 32,050 shares in the company, valued at approximately $11,380,955. This represents a 5.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Peter C. Wallace sold 1,904 shares of the company’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 sale, the director directly owned 22,859 shares of the company’s stock, valued at approximately $7,782,346.55. This trade represents a 7.69% decrease in their ownership of the stock. 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. Company insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Price Performance

AIT opened at $321.09 on Friday. The stock has a market capitalization of $11.78 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.58 and a quick ratio of 1.75. The company’s 50 day simple moving average is $340.60 and its 200-day simple moving average is $308.11. Applied Industrial Technologies, Inc. has a one year low of $238.34 and a one year high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating the consensus estimate of $2.92 by $0.25. The company 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 for the quarter was up 10.5% on a year-over-year basis. During the same period last year, the firm earned $2.80 EPS. 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 will be paid on Monday, August 31st. Shareholders 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 of this dividend is Friday, August 14th. Applied Industrial Technologies’s payout ratio is currently 18.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Tuesday, July 21st. DA Davidson lifted their target price on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Mizuho raised their price objective on Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, Wall Street Zen upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, Applied Industrial Technologies has a consensus 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.