Palisade Capital Management LP Makes New $30.90 Million Investment in Applied Industrial Technologies, Inc. $AIT

Palisade Capital Management LP acquired a new stake in Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 91,367 shares of the industrial products company’s stock, valued at approximately $30,896,000. Applied Industrial Technologies accounts for 1.3% of Palisade Capital Management LP’s portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also modified their holdings of AIT. Norges Bank acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at $125,044,000. Thrivent Financial for Lutherans increased its position in shares of Applied Industrial Technologies by 1,628.7% during the 4th quarter. Thrivent Financial for Lutherans now owns 196,946 shares of the industrial products company’s stock worth $50,570,000 after purchasing an additional 185,553 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of 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 purchasing an additional 6,254 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Applied Industrial Technologies by 89.0% during the 1st quarter. Quantinno Capital Management LP now owns 10,182 shares of the industrial products company’s stock valued at $2,702,000 after purchasing an additional 4,794 shares during the last quarter. Finally, Moran Wealth Management LLC lifted its holdings in Applied Industrial Technologies by 86.5% during the 1st quarter. Moran Wealth Management LLC now owns 26,333 shares of the industrial products company’s stock valued at $6,987,000 after purchasing an additional 12,211 shares during the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Stock Down 0.8%

Shares of NYSE:AIT opened at $335.87 on Wednesday. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The firm has a market cap of $12.33 billion, a P/E ratio of 30.65, a P/E/G ratio of 2.72 and a beta of 0.84. Applied Industrial Technologies, Inc. has a 12 month low of $238.34 and a 12 month high of $374.80. The company’s 50-day moving average price is $340.73 and its two-hundred day moving average price is $307.31.

Applied Industrial Technologies (NYSE:AIT) last announced 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 net margin of 8.35% and a return on equity of 22.17%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm posted $2.80 earnings per share. The company’s 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. As a group, research analysts forecast that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have weighed in on AIT. Mizuho upped their price objective on shares of Applied Industrial Technologies from $355.00 to $400.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. KeyCorp boosted their target price on Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Oppenheimer raised their price target on Applied Industrial Technologies from $350.00 to $390.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Finally, Robert W. Baird lifted their price objective on Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” 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 company currently has an average rating of “Buy” and an average price target of $400.00.

Insider Buying and Selling at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Madhuri A. Andrews sold 3,845 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $329.89, for a total transaction of $1,268,427.05. Following the transaction, the director owned 4,951 shares of the company’s stock, valued at approximately $1,633,285.39. This represents a 43.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David K. Wells sold 1,812 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of 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. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by corporate insiders.

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.