TimesSquare Capital Management LLC Purchases Shares of 98,550 Applied Industrial Technologies, Inc. $AIT

TimesSquare Capital Management LLC purchased a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) in the second quarter, according to its most recent filing with the SEC. The firm purchased 98,550 shares of the industrial products company’s stock, valued at approximately $33,325,000.

Other hedge funds have also recently made changes to their positions in the company. Torren Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at about $25,000. Anchor Investment Management LLC bought a new stake in Applied Industrial Technologies in the fourth quarter worth approximately $32,000. Global Retirement Partners LLC bought a new stake in Applied Industrial Technologies in the second quarter worth approximately $37,000. Smartleaf Asset Management LLC lifted its stake in Applied Industrial Technologies by 78.8% in 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 during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Applied Industrial Technologies in the fourth quarter valued at approximately $46,000. 93.52% of the stock is owned by institutional investors.

Applied Industrial Technologies Stock Down 0.7%

AIT stock opened at $359.24 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58. The company has a market capitalization of $13.28 billion, a price-to-earnings ratio of 32.78, a PEG ratio of 3.08 and a beta of 0.84. Applied Industrial Technologies, Inc. has a fifty-two week low of $238.34 and a fifty-two week high of $374.80. The stock has a fifty day moving average of $337.94 and a 200-day moving average of $304.16.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, August 13th. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The business had revenue of $1.35 billion for 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 firm’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business posted $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. As a group, equities research analysts predict that Applied Industrial Technologies, Inc. will post 11.95 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

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

Insider Activity at Applied Industrial Technologies

In related news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the sale, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Oppenheimer raised their price objective on shares of Applied Industrial Technologies from $350.00 to $390.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a research report on Tuesday, July 21st. DA Davidson increased their price target on Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird lifted their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a report on Friday. Finally, Bank of America upped their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the stock a “buy” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $384.29.

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.