Bank of New York Mellon Corp Sells 6,224 Shares of Applied Industrial Technologies, Inc. $AIT

Bank of New York Mellon Corp lessened its holdings in Applied Industrial Technologies, Inc. (NYSE:AIT) by 2.1% during the first quarter, HoldingsChannel.com reports. The fund owned 290,328 shares of the industrial products company’s stock after selling 6,224 shares during the period. Bank of New York Mellon Corp’s holdings in Applied Industrial Technologies were worth $77,030,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Thrivent Financial for Lutherans grew its position in 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 acquiring an additional 185,553 shares during the last quarter. SG Americas Securities LLC raised its position in Applied Industrial Technologies by 11,093.8% in the fourth quarter. SG Americas Securities LLC now owns 60,894 shares of the industrial products company’s stock valued at $15,636,000 after purchasing an additional 60,350 shares during the last quarter. Norges Bank bought a new position in Applied Industrial Technologies in the fourth quarter valued at about $125,044,000. M&T Bank Corp boosted its stake in shares of Applied Industrial Technologies by 33,181.4% during the fourth quarter. M&T Bank Corp now owns 300,864 shares of the industrial products company’s stock valued at $81,322,000 after purchasing an additional 299,960 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Applied Industrial Technologies by 38.1% during the fourth quarter. Mutual of America Capital Management LLC now owns 96,438 shares of the industrial products company’s stock valued at $24,762,000 after purchasing an additional 26,612 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Trading Up 1.5%

NYSE AIT opened at $340.91 on Wednesday. The company has a quick ratio of 1.97, a current ratio of 2.95 and a debt-to-equity ratio of 0.19. Applied Industrial Technologies, Inc. has a 52 week low of $238.34 and a 52 week high of $345.48. The business has a 50 day moving average price of $321.81 and a 200-day moving average price of $293.64. The company has a market cap of $12.60 billion, a price-to-earnings ratio of 32.19, a P/E/G ratio of 2.91 and a beta of 0.83.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the firm earned $2.57 EPS. The firm’s revenue for the quarter 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 expect that Applied Industrial Technologies, Inc. will post 10.71 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 8,000 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $306.04, for a total value of $2,448,320.00. Following the completion of the sale, the vice president owned 40,751 shares of the company’s stock, valued at approximately $12,471,436.04. This trade represents a 16.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Madhuri A. Andrews sold 3,845 shares of Applied Industrial Technologies stock in a transaction dated 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 completion of the transaction, the director owned 4,951 shares of the company’s stock, valued at $1,633,285.39. The trade was a 43.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on AIT. Wall Street Zen lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. DA Davidson started coverage on shares of Applied Industrial Technologies in a report on Tuesday, June 16th. They set a “buy” rating and a $380.00 target price on the stock. Robert W. Baird set a $317.00 price target on shares of Applied Industrial Technologies in a research report on Wednesday, April 29th. KeyCorp raised their price target on shares of Applied Industrial Technologies from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Applied Industrial Technologies in a report on Friday, April 24th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $336.71.

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.