Mountain Pacific Investment Advisers LLC has significantly reduced its stake in Applied Industrial Technologies, Inc. (NYSE: AIT) by selling 49,934 shares during the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, the institutional investor now holds 11,203 shares, reflecting a decrease of 81.7%. The remaining shares are valued at approximately $2,925,000.
Several other investment firms have also adjusted their positions in Applied Industrial Technologies. Root Financial Partners LLC entered the market with a new position worth around $27,000 in the third quarter. Hantz Financial Services Inc. dramatically increased its stake by 2,033.3% during the second quarter, now owning 128 shares valued at $30,000. Additionally, Maseco LLP and First Horizon Corp acquired new stakes during the same period, valued at approximately $35,000 and $47,000, respectively. Currently, institutional investors and hedge funds collectively own 93.52% of the company’s stock.
Analyst Ratings and Market Performance
Reports from equity analysts indicate a strong interest in Applied Industrial Technologies. Weiss Ratings reaffirmed a “buy (b)” rating in a note dated December 29, 2023. Mizuho set a price target of $305.00 for the stock in a report on October 29, 2023. Six analysts currently rate the stock as a Buy, while one maintains a Hold rating. According to MarketBeat.com, the consensus rating is “Moderate Buy” with a target price of $287.50.
On Thursday, shares of Applied Industrial Technologies opened at $283.76, marking a 2.3% increase in trading. The company has a market capitalization of $10.70 billion and maintains a P/E ratio of 27.31. Its debt-to-equity ratio stands at 0.30, while the current and quick ratios are 3.55 and 2.50, respectively. Over the past year, the stock has fluctuated between a low of $199.96 and a high of $286.19.
Recent Earnings and Future Guidance
Applied Industrial Technologies released its quarterly earnings data on October 28, 2023, reporting earnings per share (EPS) of $2.63, surpassing analysts’ expectations of $2.47 by $0.16. The company achieved a return on equity of 21.86% and a net profit margin of 8.61%. Revenue for the quarter reached $1.20 billion, slightly exceeding the consensus estimate of $1.19 billion and reflecting a 9.2% year-over-year increase.
Looking ahead, Applied Industrial Technologies has provided guidance for fiscal year 2026, projecting EPS between $10.100 and $10.850. Analysts anticipate that the company will achieve an EPS of $9.90 for the current financial year.
Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies is recognized as a leading distributor of industrial products and services. The company offers a diverse portfolio, including bearings, power transmission components, fluid power products, industrial rubber products, and automation solutions. Its extensive network serves various sectors, such as manufacturing, oil and gas, mining, food and beverage, and wastewater treatment.
For those interested in tracking institutional holdings, updates on hedge funds, and insider trades for Applied Industrial Technologies can be accessed through resources such as HoldingsChannel.com.
