Assenagon Asset Management S.A. Cuts Position in Applied Industrial Technologies, Inc. $AIT

Assenagon Asset Management S.A. lessened its position in Applied Industrial Technologies, Inc. (NYSE:AIT) by 9.4% during the fourth quarter, Holdings Channel reports. The fund owned 71,623 shares of the industrial products company’s stock after selling 7,430 shares during the period. Assenagon Asset Management S.A.’s holdings in Applied Industrial Technologies were worth $18,391,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in Applied Industrial Technologies by 40.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,443 shares of the industrial products company’s stock worth $1,179,000 after purchasing an additional 1,285 shares during the last quarter. Oliver Luxxe Assets LLC increased its position in shares of Applied Industrial Technologies by 7.1% during the 4th quarter. Oliver Luxxe Assets LLC now owns 7,339 shares of the industrial products company’s stock valued at $1,884,000 after purchasing an additional 489 shares during the last quarter. Maridea Wealth Management LLC bought a new position in shares of Applied Industrial Technologies during the 4th quarter valued at about $532,000. GAMMA Investing LLC raised its holdings in shares of Applied Industrial Technologies by 3.6% during the 4th quarter. GAMMA Investing LLC now owns 1,585 shares of the industrial products company’s stock valued at $407,000 after buying an additional 55 shares in the last quarter. Finally, AIA Group Ltd purchased a new position in shares of Applied Industrial Technologies during the 3rd quarter valued at about $837,000. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Insider Activity

In related news, VP Jason W. Vasquez sold 5,447 shares of Applied Industrial Technologies stock in a transaction 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 transaction, the vice president directly owned 14,491 shares of the company’s stock, valued at $4,171,524.17. The trade was a 27.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $288.62, for a total transaction of $1,154,480.00. Following the sale, the vice president owned 52,751 shares of the company’s stock, valued at $15,224,993.62. This represents a 7.05% 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 currently owned by company insiders.

Analyst Upgrades and Downgrades

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

Applied Industrial Technologies Stock Down 2.1%

AIT opened at $260.41 on Friday. The company has a market cap of $9.71 billion, a P/E ratio of 24.78, a P/E/G ratio of 2.55 and a beta of 0.81. The business’s 50-day moving average price is $273.71 and its 200-day moving average price is $263.87. The company has a current ratio of 3.68, a quick ratio of 2.56 and a debt-to-equity ratio of 0.31. Applied Industrial Technologies, Inc. has a 12 month low of $199.96 and a 12 month high of $296.70.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Tuesday, January 27th. The industrial products company reported $2.51 earnings per share 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 analysts’ expectations of $1.17 billion. During the same period in the prior year, the business posted $2.39 EPS. Applied Industrial Technologies’s quarterly revenue was up 8.4% compared to the same quarter last year. Applied Industrial Technologies has set its FY 2026 guidance at 10.450-10.750 EPS. On average, equities analysts expect that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Friday, February 13th were given a $0.51 dividend. The ex-dividend date was Friday, February 13th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.46. This represents a $2.04 annualized dividend and a yield of 0.8%. Applied Industrial Technologies’s dividend payout ratio is presently 19.41%.

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.