Tidal Investments LLC Purchases 8,801 Shares of Applied Industrial Technologies, Inc. $AIT

Tidal Investments LLC increased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,068 shares of the industrial products company’s stock after purchasing an additional 8,801 shares during the quarter. Tidal Investments LLC’s holdings in Applied Industrial Technologies were worth $35,529,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Applied Industrial Technologies during the fourth quarter worth approximately $125,044,000. Quantinno Capital Management LP raised its stake in shares of Applied Industrial Technologies by 89.0% in the first quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock valued at $2,702,000 after acquiring an additional 4,794 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Applied Industrial Technologies by 1,628.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock worth $50,570,000 after acquiring an additional 185,553 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Applied Industrial Technologies by 40.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 21,572 shares of the industrial products company’s stock worth $5,539,000 after acquiring an additional 6,254 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Applied Industrial Technologies by 29.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 17,800 shares of the industrial products company’s stock worth $4,723,000 after acquiring an additional 4,000 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies 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 completion of the sale, the director owned 4,951 shares in the company, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 7,561 shares of company stock worth $2,560,085. Company insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

AIT has been the subject of several research analyst reports. Oppenheimer lifted 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. Bank of America lifted their price target on Applied Industrial Technologies from $380.00 to $390.00 and gave the company a “buy” rating in a report on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Mizuho increased their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, KeyCorp raised their price objective on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Seven investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $400.00.

Applied Industrial Technologies Stock Down 0.6%

Shares of AIT opened at $324.74 on Thursday. The business’s fifty day moving average price is $338.58 and its two-hundred day moving average price is $310.65. The firm has a market capitalization of $11.92 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 2.62 and a beta of 0.83. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $374.80. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.75 and a current ratio of 2.58.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, August 13th. The industrial products company reported $3.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.25. Applied Industrial Technologies had a return on equity of 22.17% and a net margin of 8.35%.The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the previous year, the company posted $2.80 earnings per share. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. 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 11.96 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Friday, August 14th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a 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%.

About Applied Industrial Technologies

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.