Applied Industrial Technologies, Inc. (NYSE: AIT) experienced notable insider trading as Vice President Jason Vasquez sold 5,447 shares of the company on February 5, 2024. The transaction, which took place at an average price of $287.87 per share, amounted to a total of $1,568,027.89. Following this sale, Vasquez retained 14,491 shares of the company, valued at approximately $4,171,524.17, marking a significant 27.32% decrease in his holdings.
The details of the transaction were made public through a filing with the Securities and Exchange Commission (SEC), which investors can review for further insights into insider activities.
Stock Performance and Company Overview
On the day following the transaction, shares of Applied Industrial Technologies opened at $292.27. This represents a positive shift, with the stock experiencing a 1.8% increase. The company’s 50-day moving average currently stands at $267.30, while the 200-day moving average is at $262.41. Applied Industrial Technologies boasts a solid financial standing, highlighted by a market capitalization of $10.90 billion, a price-to-earnings ratio of 27.81, and a debt-to-equity ratio of 0.31.
In the past year, the stock has fluctuated significantly, reaching a low of $199.96 and climbing to a high of $295.26.
The company’s most recent quarterly earnings report, released on January 27, 2024, indicated an earnings per share (EPS) of $2.51, surpassing analysts’ expectations of $2.48 by $0.03. Revenue for the quarter totaled $1.16 billion, slightly below the consensus estimate of $1.17 billion. Year-over-year, Applied Industrial Technologies demonstrated an 8.4% increase in revenue, compared to $2.39 EPS during the same period last year. The company has also set its fiscal year 2026 guidance at an EPS range of 10.450-10.750.
Institutional Investment and Analyst Ratings
Recent activity from institutional investors showcases a growing interest in Applied Industrial Technologies. Notably, Torren Management LLC purchased a new stake worth approximately $25,000 during the fourth quarter. Additionally, Smartleaf Asset Management LLC increased its holdings by an impressive 890.0% in the third quarter, now owning 99 shares valued at $26,000.
In terms of analyst evaluations, several firms have recently adjusted their ratings. KeyCorp lowered its price target from $310.00 to $300.00, maintaining an “overweight” rating. Conversely, Wall Street Zen downgraded its rating from “buy” to “hold.” Despite these fluctuations, the overall sentiment remains positive, with six analysts rating the stock as a “buy” and one as a “hold.” The average target price currently sits at $290.63, according to data from MarketBeat.com.
Founded in 1923 and headquartered in Cleveland, Ohio, Applied Industrial Technologies is a prominent distributor of industrial products and services. The company’s offerings include a wide array of components such as bearings, power transmission parts, and automation solutions, serving various sectors including manufacturing and oil and gas.
As the landscape for industrial products continues to evolve, the activities of executives like Jason Vasquez and the insights from institutional investors and analysts will be pivotal in shaping the future trajectory of Applied Industrial Technologies.
