XTX Topco Ltd has significantly increased its holdings in Applied Industrial Technologies, Inc. (NYSE: AIT), raising its ownership by an impressive 353.8% during the second quarter of 2023. According to recent disclosures made to the U.S. Securities and Exchange Commission (SEC), the firm now owns 21,528 shares of the industrial products company, following the acquisition of an additional 16,784 shares during this period. As of the latest filing, these holdings are valued at approximately $5,004,000.
Several other institutional investors also adjusted their positions in Applied Industrial Technologies during the second quarter. Edmond DE Rothschild Holding S.A. increased its stake by 18.1%, now owning 418 shares valued at $97,000 after purchasing an additional 64 shares. Similarly, Bullseye Asset Management LLC raised its holdings by 370.4%, bringing its total to 6,350 shares worth $1,476,000 after acquiring 5,000 shares.
Other notable increases include Steward Partners Investment Advisory LLC, which grew its holdings by 5.0% to 6,884 shares valued at $1,600,000, and Coldstream Capital Management Inc., which boosted its stake by 8.1% to 2,301 shares worth $535,000. Collectively, institutional investors and hedge funds own approximately 93.52% of Applied Industrial Technologies stock.
Analysts Adjust Price Targets for AIT
The stock has drawn the attention of several research analysts, prompting adjustments in their price targets. Oppenheimer raised its price objective from $290.00 to $300.00, maintaining an “outperform” rating. Bank of America also lifted its price target from $275.00 to $290.00, rating the stock as a “buy.” Similarly, Industrial Alliance Securities set a price objective of $290.00.
In a later report, Mizuho established a target price of $305.00, while Robert W. Baird increased its price target from $265.00 to $300.00, maintaining an “outperform” rating. Currently, six analysts have rated the stock as a “buy,” while one has issued a “hold” rating. According to MarketBeat.com, Applied Industrial Technologies has an average rating of “Moderate Buy” with a consensus target price of $287.50.
Current Trading and Financial Performance
As of Tuesday, shares of Applied Industrial Technologies opened at $248.79. The company reports a current ratio of 3.55, a quick ratio of 2.36, and a debt-to-equity ratio of 0.30. With a market capitalization of $9.38 billion, the firm has a price-to-earnings ratio of 23.95 and a PEG ratio of 2.61.
Recent financial results indicate a promising outlook for the company. On October 28, 2023, Applied Industrial Technologies reported earnings per share of $2.63 for the quarter, surpassing the consensus estimate of $2.47 by $0.16. The company’s revenue reached $1.20 billion, slightly exceeding the consensus estimate of $1.19 billion. Year-over-year, revenue has increased by 9.2%, marking a substantial improvement from the previous year’s earnings per share of $2.36.
Looking ahead, Applied Industrial Technologies has projected its fiscal year 2026 earnings per share guidance between $10.100 and $10.850. Analysts anticipate that the company will report earnings per share of $9.90 for the current fiscal year.
The company also announced a quarterly dividend of $0.46 per share, set to be paid on November 28, 2023. Shareholders of record on November 14, 2023 will receive this dividend, translating to an annualized rate of $1.84 and a yield of 0.7%. The ex-dividend date is also slated for November 14, 2023, with a dividend payout ratio currently at 17.71%.
Applied Industrial Technologies, Inc. specializes in distributing industrial motion, power, control, and automation technology solutions across regions including North America, Australia, New Zealand, and Singapore. The firm operates through two primary segments: Service Center Based Distribution and Engineered Solutions, supplying a variety of products essential for machinery and equipment operations.
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