Assenagon Asset Management S.A. Sells 7,430 Shares of Applied Industrial Technologies, Inc. $AIT

Assenagon Asset Management S.A. reduced its holdings in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,623 shares of the industrial products company’s stock after selling 7,430 shares during the quarter. Assenagon Asset Management S.A. owned about 0.19% of Applied Industrial Technologies worth $18,391,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its position in shares of Applied Industrial Technologies by 890.0% during the third quarter. Smartleaf Asset Management LLC now owns 99 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 89 shares in the last quarter. Root Financial Partners LLC bought a new position in shares of Applied Industrial Technologies in the third quarter worth $27,000. Abich Financial Wealth Management LLC purchased a new position in shares of Applied Industrial Technologies in the third quarter valued at $29,000. Allworth Financial LP raised its stake in shares of Applied Industrial Technologies by 446.4% during the 3rd quarter. Allworth Financial LP now owns 153 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 125 shares during the period. Finally, First Horizon Corp bought a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at $47,000. 93.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AIT. Wall Street Zen downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. KeyCorp upped their price target on Applied Industrial Technologies from $300.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, February 26th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $294.38.

Insider Transactions at Applied Industrial Technologies

In related news, VP Jason W. Vasquez sold 5,447 shares of the firm’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $287.87, for a total value of $1,568,027.89. Following the sale, the vice president directly owned 14,491 shares of the company’s stock, valued at $4,171,524.17. This trade represents a 27.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 19,207 shares of Applied Industrial Technologies stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $285.85, for a total transaction of $5,490,320.95. Following the sale, the chief executive officer owned 130,528 shares of the company’s stock, valued at approximately $37,311,428.80. The trade was a 12.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 28,654 shares of company stock valued at $8,212,829. 1.60% of the stock is owned by corporate insiders.

Applied Industrial Technologies Trading Down 2.1%

Applied Industrial Technologies stock opened at $260.41 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.56 and a current ratio of 3.68. Applied Industrial Technologies, Inc. has a fifty-two week low of $199.96 and a fifty-two week high of $296.70. The stock has a market cap of $9.71 billion, a P/E ratio of 24.78, a PEG ratio of 2.55 and a beta of 0.81. The firm’s fifty day moving average price is $273.71 and its 200-day moving average price is $263.87.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.03. Applied Industrial Technologies had a return on equity of 21.74% and a net margin of 8.49%.The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter last year, the company earned $2.39 earnings per share. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. Equities research analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were given a dividend of $0.51 per share. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.46. The ex-dividend date was Friday, February 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.8%. Applied Industrial Technologies’s dividend payout ratio is 19.41%.

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.