Allspring Global Investments Holdings LLC Boosts Position in Applied Industrial Technologies, Inc. $AIT

Allspring Global Investments Holdings LLC increased its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 12.3% during the 1st quarter, HoldingsChannel reports. The fund owned 259,786 shares of the industrial products company’s stock after acquiring an additional 28,546 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Applied Industrial Technologies were worth $69,976,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AIT. Torren Management LLC acquired a new stake in Applied Industrial Technologies during the fourth quarter worth about $25,000. Anchor Investment Management LLC acquired a new position in Applied Industrial Technologies in the fourth quarter valued at approximately $32,000. V Square Quantitative Management LLC acquired a new position in Applied Industrial Technologies in the fourth quarter valued at approximately $34,000. Allworth Financial LP grew its position in Applied Industrial Technologies by 446.4% in the third quarter. Allworth Financial LP now owns 153 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 125 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in 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 acquiring an additional 78 shares during the period. Hedge funds and other institutional investors own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Up 1.3%

Shares of NYSE AIT opened at $336.35 on Friday. The stock has a market cap of $12.43 billion, a P/E ratio of 31.76, a PEG ratio of 2.87 and a beta of 0.83. The business’s fifty day simple moving average is $320.78 and its 200-day simple moving average is $292.32. Applied Industrial Technologies, Inc. has a 12-month low of $238.34 and a 12-month high of $345.48. The company has a current ratio of 2.95, a quick ratio of 1.97 and a debt-to-equity ratio of 0.19.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.02. Applied Industrial Technologies had a net margin of 8.34% and a return on equity of 21.64%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm earned $2.57 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Applied Industrial Technologies has set its Q4 2026 guidance at 2.850-2.960 EPS and its FY 2026 guidance at 10.640-10.750 EPS. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 10.71 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Friday, August 14th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.04 annualized dividend and a yield of 0.6%. Applied Industrial Technologies’s payout ratio is 19.26%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Oppenheimer lifted their target price on Applied Industrial Technologies from $300.00 to $350.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Friday, April 24th. KeyCorp raised their price objective on Applied Industrial Technologies from $350.00 to $375.00 and gave the stock an “overweight” rating in a research report on Monday. Wall Street Zen lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, DA Davidson began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, June 16th. They issued a “buy” rating and a $380.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $329.57.

Insider Buying and Selling

In other news, 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 transaction, the director directly owned 4,951 shares in the company, valued at approximately $1,633,285.39. This trade represents a 43.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Warren E. Hoffner III sold 8,000 shares of Applied Industrial Technologies stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $306.04, for a total transaction of $2,448,320.00. Following the completion of the transaction, the vice president directly owned 40,751 shares in the company, valued at $12,471,436.04. The trade was a 16.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by 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.