Almanack Investment Partners LLC. Purchases Shares of 7,619 Applied Industrial Technologies, Inc. $AIT

Almanack Investment Partners LLC. purchased a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the second quarter, Holdings Channel reports. The firm purchased 7,619 shares of the industrial products company’s stock, valued at approximately $1,771,000.

Several other large investors have also recently modified their holdings of AIT. Alliancebernstein L.P. increased its holdings in shares of Applied Industrial Technologies by 452.6% in the first quarter. Alliancebernstein L.P. now owns 436,565 shares of the industrial products company’s stock worth $98,376,000 after buying an additional 357,568 shares during the period. Nuveen LLC bought a new stake in Applied Industrial Technologies during the 1st quarter valued at approximately $67,365,000. Millennium Management LLC boosted its position in Applied Industrial Technologies by 144.0% during the 1st quarter. Millennium Management LLC now owns 320,903 shares of the industrial products company’s stock valued at $72,312,000 after acquiring an additional 189,408 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Applied Industrial Technologies by 27.9% during the 1st quarter. Alyeska Investment Group L.P. now owns 602,798 shares of the industrial products company’s stock valued at $135,835,000 after acquiring an additional 131,465 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of Applied Industrial Technologies by 522.2% in the 1st quarter. Voya Investment Management LLC now owns 143,696 shares of the industrial products company’s stock worth $32,380,000 after purchasing an additional 120,602 shares in the last quarter. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Applied Industrial Technologies from $275.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, August 22nd. Industrial Alliance Securities set a $290.00 price objective on shares of Applied Industrial Technologies in a report on Friday, August 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research note on Wednesday, October 8th. Oppenheimer increased their price target on Applied Industrial Technologies from $290.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, August 15th. Finally, Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $245.81 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.32 and a quick ratio of 2.36. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 2.60 and a beta of 0.96. Applied Industrial Technologies, Inc. has a 1-year low of $199.96 and a 1-year high of $282.98. The business’s fifty day moving average price is $262.58 and its 200-day moving average price is $244.79.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 14th. The industrial products company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.60 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Applied Industrial Technologies had a return on equity of 21.78% and a net margin of 8.61%.Applied Industrial Technologies’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.64 EPS. Applied Industrial Technologies has set its FY 2026 guidance at 10.000-10.75 EPS. On average, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current year.

Insider Transactions at Applied Industrial Technologies

In other news, VP Kurt W. Loring sold 8,523 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $267.06, for a total value of $2,276,152.38. Following the completion of the sale, the vice president directly owned 19,273 shares in the company, valued at $5,147,047.38. This represents a 30.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Neil A. Schrimsher sold 26,671 shares of the company’s stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $262.46, for a total transaction of $7,000,070.66. Following the completion of the transaction, the chief executive officer directly owned 149,735 shares of the company’s stock, valued at $39,299,448.10. This represents a 15.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,660 shares of company stock worth $11,217,980 in the last three months. Corporate insiders own 1.60% of the company’s stock.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.