Neil A. Schrimsher sells 3,703 shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

VaselineAugust 23, 2024

0 3 minutes read

Applied Industrial Technologies, Inc. (NYSE:AIT – Get Your Free Report ) CEO Neil A. Schrimsher sold 3,703 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now owns 205,708 shares of the company’s stock, valued at $41,602,385.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website.

Inventories of applied industrial technologies fell by 0.9%

NYSE AIT opened at $202.73 on Friday. Applied Industrial Technologies, Inc. has a 12-month low of $148.98 and a 12-month high of $223.15. The company has a current ratio of 3.77, a quick ratio of 2.70, and a debt-to-equity ratio of 0.34. The stock has a market cap of $7.83 billion, a PE ratio of 21.25, a P/E/G ratio of 2.03 and a beta of 1.06. The stock’s 50-day moving average is $197.75 and its 200-day moving average is $192.76.

Applied Industrial Technologies (NYSE:AIT – Get Free Report ) last issued its earnings results on Thursday, August 15th. The industrial products company reported $2.64 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.12. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. Applied Industrial Technologies’ revenue for the quarter was up 0.2% on a year-over-year basis. In the same quarter last year, the company earned $2.35 per share. Research analysts predict that Applied Industrial Technologies, Inc. will post 9.62 EPS for the current fiscal year.

Applied Industrial Technologies announces dividend

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The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.37 per share. This represents an annualized dividend of $1.48 and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, August 15. Applied Industrial Technologies’ dividend payout ratio is currently 15.51%.

Institutional inputs and outputs

A number of hedge funds and other institutional investors have recently modified their holdings of AIT. EntryPoint Capital LLC bought a new position in shares of Applied Industrial Technologies in the first quarter valued at about $25,000. ICA Group Wealth Management LLC purchased a new position in shares of Applied Industrial Technologies during the fourth quarter valued at about $26,000. Headlands Technologies LLC bought a new position in shares of Applied Industrial Technologies in the second quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $32,000. Finally, Quarry LP purchased a new stake in shares of Applied Industrial Technologies in the second quarter valued at about $39,000. 93.52% of shares are currently owned by institutional investors.

Analyst upgrades and downgrades

AIT has been the subject of a number of recent research reports. Loop Capital boosted their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Northcoast Research assumed coverage on shares of Applied Industrial Technologies in a research note on Monday, July 1st. They set a “neutral” rating on the stock. KeyCorp upped their target price on shares of Applied Industrial Technologies from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. Finally, StockNews.com downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $226.67.

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About Applied Industrial Technologies

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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 engines, belts, transmissions, couplings, pumps, hydraulic and pneumatic components, filter supplies, valves, fittings, process instruments, actuators and hoses, filter supplies, and other related supplies for general machine operational needs and customer equipment.