OneAscent Wealth Management LLC Makes New $218,000 Investment in Applied Industrial Technologies, Inc. (NYSE:AIT)

19 Nov 2024, 08:13 by Jessica Moore · The Cerbat Gem

OneAscent Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 979 shares of the industrial products company’s stock, valued at approximately $218,000.

Other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC bought a new position in shares of Applied Industrial Technologies in the 1st quarter worth $232,000. SG Americas Securities LLC increased its position in shares of Applied Industrial Technologies by 12.6% during the first quarter. SG Americas Securities LLC now owns 1,694 shares of the industrial products company’s stock worth $335,000 after acquiring an additional 190 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Applied Industrial Technologies by 17.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,929 shares of the industrial products company’s stock worth $2,554,000 after acquiring an additional 1,910 shares during the last quarter. Blair William & Co. IL bought a new position in Applied Industrial Technologies in the 1st quarter valued at about $213,000. Finally, Covestor Ltd boosted its stake in Applied Industrial Technologies by 300.0% during the 1st quarter. Covestor Ltd now owns 292 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 219 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AIT shares. KeyCorp raised their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Loop Capital lifted their price objective on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Bank of America upped their target price on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Mizuho started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $285.00 price target on the stock. Finally, Raymond James upped their price objective on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.86.

Get Our Latest Report on AIT

Insider Transactions at Applied Industrial Technologies

In related news, VP Kurt W. Loring sold 3,366 shares of Applied Industrial Technologies stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $209.02, for a total value of $703,561.32. Following the completion of the transaction, the vice president now directly owns 19,315 shares in the company, valued at approximately $4,037,221.30. The trade was a 14.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.67% of the company’s stock.

Applied Industrial Technologies Stock Up 0.2 %

Applied Industrial Technologies stock opened at $267.40 on Tuesday. The firm has a 50 day moving average price of $230.16 and a 200-day moving average price of $208.43. The company has a quick ratio of 2.74, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. Applied Industrial Technologies, Inc. has a twelve month low of $155.47 and a twelve month high of $276.97. The company has a market capitalization of $10.28 billion, a P/E ratio of 27.29, a P/E/G ratio of 3.66 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT – Get Free Report) last released its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.11. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $2.39 earnings per share. As a group, equities analysts predict that Applied Industrial Technologies, Inc. will post 9.76 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, November 15th. This represents a $1.48 dividend on an annualized basis and a yield of 0.55%. Applied Industrial Technologies’s dividend payout ratio is presently 15.10%.

About Applied Industrial Technologies

(Free Report)

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.