Man Group plc Makes New $4.11 Million Investment in Applied Industrial Technologies, Inc. $AIT

Man Group plc bought a new position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 12,160 shares of the industrial products company’s stock, valued at approximately $4,112,000.

Other institutional investors have also made changes to their positions in the company. Torren Management LLC bought a new position in Applied Industrial Technologies during the 4th quarter worth $25,000. Anchor Investment Management LLC bought a new stake in shares of Applied Industrial Technologies during the 4th quarter valued at $32,000. Global Retirement Partners LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $37,000. Kilter Group LLC acquired a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $40,000. Finally, Smartleaf Asset Management LLC increased its position in shares of 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 worth $46,000 after purchasing an additional 78 shares during the period. 93.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO David K. Wells sold 1,812 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $11,380,955. This represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Madhuri A. Andrews sold 3,845 shares of the firm’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 completion of the sale, the director owned 4,951 shares in the company, valued at $1,633,285.39. This represents a 43.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,561 shares of company stock worth $2,560,085 in the last three months. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $321.09 on Monday. The stock’s 50-day simple moving average is $340.60 and its 200 day simple moving average is $308.29. The firm has a market capitalization of $11.78 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 2.59 and a beta of 0.84. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm 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 business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.80 earnings per share. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, analysts anticipate that Applied Industrial Technologies, Inc. will post 11.95 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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 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 is Friday, August 14th. Applied Industrial Technologies’s dividend payout ratio is currently 18.61%.

Analysts Set New Price Targets

Several research firms recently weighed in on AIT. DA Davidson upped their price objective on shares of Applied Industrial Technologies from $380.00 to $400.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Bank of America raised their target price on shares of 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 raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. KeyCorp increased their price target on shares of Applied Industrial Technologies from $375.00 to $420.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Finally, Oppenheimer increased their price target 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, August 14th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $400.00.

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.