Hsbc Holdings PLC Boosts Stock Position in Applied Industrial Technologies, Inc. $AIT

by · The Markets Daily

Hsbc Holdings PLC boosted its position in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) by 34.1% during the second quarter, Holdings Channel.com reports. The fund owned 27,891 shares of the industrial products company’s stock after acquiring an additional 7,092 shares during the quarter. Hsbc Holdings PLC’s holdings in Applied Industrial Technologies were worth $9,410,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in Applied Industrial Technologies during the second quarter valued at about $37,000. Kilter Group LLC bought a new position in Applied Industrial Technologies in the 2nd quarter worth approximately $40,000. Anchor Investment Management LLC purchased a new stake in Applied Industrial Technologies during the 4th quarter valued at approximately $32,000. Silvant Capital Management LLC bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $54,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Applied Industrial Technologies by 78.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 177 shares of the industrial products company’s stock valued at $46,000 after buying an additional 78 shares during the last quarter. 93.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AIT shares. DA Davidson upped their target price 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. KeyCorp boosted 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 note on Friday, August 14th. Robert W. Baird increased their price objective on shares of Applied Industrial Technologies from $317.00 to $400.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Mizuho raised their price objective on Applied Industrial Technologies from $355.00 to $400.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Finally, Wall Street Zen raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $400.00.

Check Out Our Latest Report on AIT

Insider Activity

In related news, Director Peter Wallace sold 1,904 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director owned 22,859 shares in the company, valued at approximately $7,782,346.55. This represents a 7.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO David Wells sold 1,812 shares of Applied Industrial Technologies stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $355.10, for a total transaction of $643,441.20. Following the transaction, the chief financial officer directly owned 32,050 shares of the company’s stock, valued at $11,380,955. The trade was a 5.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 7,561 shares of company stock valued at $2,560,085. 1.60% of the stock is currently owned by insiders.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $324.74 on Thursday. The company’s 50-day moving average price is $338.58 and its 200-day moving average price is $310.65. Applied Industrial Technologies, Inc. has a twelve month low of $238.34 and a twelve month high of $374.80. The company has a quick ratio of 1.75, a current ratio of 2.58 and a debt-to-equity ratio of 0.14. The company has a market cap of $11.92 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 2.62 and a beta of 0.83.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The industrial products company reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.25. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.80 EPS. Applied Industrial Technologies has set its FY 2027 guidance at 11.650-12.150 EPS. On average, equities research analysts forecast that Applied Industrial Technologies, Inc. will post 11.96 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 14th were issued a $0.51 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.6%. Applied Industrial Technologies’s payout ratio is 18.61%.

Applied Industrial Technologies Profile

(Free Report)

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.

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