Sen. Markwayne Mullin Buys Applied Industrial Technologies, Inc. (NYSE:AIT) Shares

Senator Markwayne Mullin (R-Oklahoma) recently bought shares of Applied Industrial Technologies, Inc. NYSE: AIT. In a filing disclosed on January 31st, the Senator disclosed that they had bought between $15,001 and $50,000 in Applied Industrial Technologies stock on January 2nd.

Senator Markwayne Mullin also recently made the following trade(s):

• Sold $15,001 - $50,000 in shares of iShares Core MSCI EAFE ETF BATS: IEFA on 1/8/2025.
• Sold $15,001 - $50,000 in shares of iShares MSCI Eurozone ETF BATS: EZU on 1/8/2025.
• Sold $1,001 - $15,000 in shares of Abbott Laboratories NYSE: ABT on 1/8/2025.
• Purchased $15,001 - $50,000 in shares of The Goldman Sachs Group NYSE: GS on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Iron Mountain NYSE: IRM on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Coherent NYSE: COHR on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Credo Technology Group NASDAQ: CRDO on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Westinghouse Air Brake Technologies NYSE: WAB on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Dell Technologies NYSE: DELL on 1/2/2025.
• Purchased $15,001 - $50,000 in shares of Stride NYSE: LRN on 1/2/2025.

Applied Industrial Technologies Stock Performance

Shares of AIT stock traded up $1.87 on Tuesday, hitting $260.33. The company had a trading volume of 336,210 shares, compared to its average volume of 348,634. Applied Industrial Technologies, Inc. has a twelve month low of $177.68 and a twelve month high of $282.98. The company has a quick ratio of 2.55, a current ratio of 3.76 and a debt-to-equity ratio of 0.32. The firm has a market cap of $9.99 billion, a P/E ratio of 26.38, a price-to-earnings-growth ratio of 3.33 and a beta of 1.08. The company has a 50-day moving average price of $256.24 and a 200-day moving average price of $234.67.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. As a group, equities research analysts predict that Applied Industrial Technologies, Inc. will post 9.87 earnings per share for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 0.71%. This is a positive change from Applied Industrial Technologies's previous quarterly dividend of $0.37. Applied Industrial Technologies's dividend payout ratio (DPR) is presently 14.99%.

Insider Buying and Selling at Applied Industrial Technologies

In related news, Director Mary Dean Hall sold 2,200 shares of the company's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the sale, the director now owns 3,462 shares of the company's stock, valued at approximately $952,326.96. This represents a 38.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the sale, the vice president now owns 55,709 shares of the company's stock, valued at approximately $15,689,882.76. The trade was a 6.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.67% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America raised shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and increased their price target for the stock from $285.00 to $315.00 in a report on Tuesday, November 26th. Loop Capital lifted their price target on Applied Industrial Technologies from $230.00 to $270.00 and gave the company a "buy" rating in a research note on Monday, October 28th. KeyCorp increased their price target on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Robert W. Baird boosted their price objective on Applied Industrial Technologies from $250.00 to $275.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $285.00 target price on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Applied Industrial Technologies has an average rating of "Moderate Buy" and a consensus target price of $291.43.

Institutional Trading of Applied Industrial Technologies

A number of institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC boosted its stake in Applied Industrial Technologies by 9.9% during the 2nd quarter. Squarepoint Ops LLC now owns 6,722 shares of the industrial products company's stock worth $1,304,000 after purchasing an additional 608 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Applied Industrial Technologies by 57.6% in the second quarter. AQR Capital Management LLC now owns 52,476 shares of the industrial products company's stock worth $10,120,000 after buying an additional 19,169 shares in the last quarter. Creative Planning lifted its stake in shares of Applied Industrial Technologies by 13.2% in the second quarter. Creative Planning now owns 8,839 shares of the industrial products company's stock worth $1,715,000 after buying an additional 1,034 shares in the last quarter. Quarry LP acquired a new position in Applied Industrial Technologies during the second quarter worth about $39,000. Finally, Cetera Investment Advisers grew its stake in Applied Industrial Technologies by 8.1% during the 2nd quarter. Cetera Investment Advisers now owns 5,501 shares of the industrial products company's stock valued at $1,067,000 after acquiring an additional 412 shares in the last quarter. 93.52% of the stock is owned by institutional investors and hedge funds.

About Senator Mullin

Markwayne Mullin (Republican Party) is a member of the U.S. Senate from Oklahoma. He assumed office on January 11, 2023. His current term ends on January 3, 2027. Mullin (Republican Party) ran in a special election to the U.S. Senate to represent Oklahoma. He won in the special general election on November 8, 2022. Mullin is a member of the Cherokee Nation and one of four Native American members of the 116th Congress. At the age of 20, Mullin took over his father's plumbing business. He is also a former professional mixed martial artist. Markwayne Mullin graduated from Stilwell High School. Mullin earned an associate degree in construction technology from Oklahoma State University Institute of Technology. His career experience includes owning and founding multiple businesses.

About Applied Industrial Technologies

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 motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.