In the first quarter of this year, Principal Financial Group Inc. increased its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 1.5%. This information was disclosed in the company’s recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns 280,280 shares of Applied Industrial Technologies’ stock, a result of purchasing an additional 4,114 shares during the quarter. At the end of the most recent quarter, Principal Financial Group Inc. owned approximately 0.73% of Applied Industrial Technologies with a total worth of $39,836,000.
Applied Industrial Technologies recently reported its quarterly earnings on August 10th. The company surpassed analysts’ expectations by announcing earnings per share (EPS) of $2.35 for the quarter, exceeding the consensus estimate by $0.18. Additionally, the company generated revenue amounting to $1.16 billion during this period, surpassing analysts’ predictions.
Comparing these results to the same quarter last year, Applied Industrial Technologies witnessed an increase in revenue by 9.1%. Furthermore, they were able to maintain a return on equity of 25.62% and a net margin of 7.86%. In comparison to the previous year’s quarterly report where they posted earnings per share (EPS) of $2.02.
Sell-side analysts are generally optimistic about Applied Industrial Technologies’ performance for this year and predict that it will post approximately 9.2 EPS for the current fiscal year.
As one can deduce from these figures and accomplishments, Applied Industrial Technologies is displaying promising growth in its financial performance and market presence within the industrial products sector.
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Mixed Interest and Strong Support: Applied Industrial Technologies Attracts Institutional Investors
Institutional investors have shown mixed interest in Applied Industrial Technologies, with some increasing their stakes while others reduced them. Mirae Asset Global Investments Co. Ltd., for instance, slightly increased its holdings in the industrial products company by 0.8% during the fourth quarter of last year. O Shaughnessy Asset Management LLC saw a much larger increase of 72.5% during the same period, while SG Americas Securities LLC experienced a considerable boost of 141.3%.
On the other hand, O Neil Global Advisors Inc. took a different approach by acquiring a new position in Applied Industrial Technologies during the first quarter. Ellevest Inc. followed suit and also increased its holdings by over 50% in that same quarter.
Overall, institutional investors own approximately 92.64% of Applied Industrial Technologies’ stock, indicating strong support from this sector.
Equities analysts have also weighed in on the company’s prospects. KeyCorp raised their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave it an “overweight” rating, while Robert W. Baird increased their price objective to $185.00 with an “outperform” rating.
StockNews.com assumed coverage on Applied Industrial Technologies and set a “buy” rating on the stock.
Later transactions revealed that CEO Neil A. Schrimsher sold thousands of shares of Applied Industrial Technologies’ stock at various times this year. In May, he sold 1,655 shares at an average price of $130.01 per share, amounting to $215,166.55 in total value.
Additionally, Schrimsher sold 30,000 shares in August at an average price of $153.67 per share, totaling $4,610,100.00.
Such actions triggered disclosure statements with the Securities & Exchange Commission (SEC), emphasizing transparency within corporate practices.
Applied Industrial Technologies’ stock opened at $147.40 on the most recent market day, reflecting a stable performance. The company boasts a healthy balance sheet with a debt-to-equity ratio of 0.41, indicating prudence in financial management.
With a current ratio of 3.05 and a quick ratio of 2.12, the company demonstrates solid liquidity position. Moreover, Applied Industrial Technologies has experienced positive growth in its stock price over the past year, reaching a high of $156.53.
As of now, the stock has a market capitalization of $5.70 billion and a price-to-earnings ratio of 16.67, highlighting investor confidence in the company’s ability to generate profits compared to its peers.
The business maintains stable market performance with its fifty-day moving average at $143.43 and its 200-day moving average at $138.37.
Overall, Applied Industrial Technologies continues to attract attention from both institutional investors and equities analysts, making it an interesting prospect for those looking for potential investment opportunities in the industrial products sector.
