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

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 opened at $260.24 on Monday. The stock has a market capitalization of $10.01 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 3.49 and a beta of 1.08. Applied Industrial Technologies, Inc. has a 12 month low of $176.32 and a 12 month high of $282.98. The firm has a fifty day simple moving average of $257.05 and a 200 day simple moving average of $233.91. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.18. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.67%. Research analysts forecast that Applied Industrial Technologies, Inc. will post 9.77 EPS for the current fiscal year.

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend is Friday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.37. Applied Industrial Technologies’s dividend payout ratio is 14.99%.

Analyst Upgrades and Downgrades

Several brokerages have commented on AIT. StockNews.com downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, January 23rd. Robert W. Baird boosted their price target on shares of Applied Industrial Technologies from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday. KeyCorp increased their price objective on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Raymond James reaffirmed an “outperform” rating and set a $265.00 target price (up previously from $250.00) on shares of Applied Industrial Technologies in a research report on Thursday. Finally, Mizuho assumed coverage on Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $291.43.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds have recently added to or reduced their stakes in AIT. Kestra Investment Management LLC bought a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $30,000. V Square Quantitative Management LLC purchased a new stake in shares of Applied Industrial Technologies during the 3rd quarter valued at about $34,000. First Horizon Advisors Inc. lifted its stake in shares of Applied Industrial Technologies by 106.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 88 shares during the period. Quarry LP purchased a new stake in shares of Applied Industrial Technologies in the 2nd quarter worth $39,000. Finally, UMB Bank n.a. increased its holdings in Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 77 shares in the last quarter. 93.52% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $275.08, for a total transaction of $605,176.00. Following the completion of the transaction, the director now owns 3,462 shares in the company, valued at $952,326.96. This trade represents a 38.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Warren E. Hoffner III sold 4,000 shares of the business’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 completion of the sale, the vice president now owns 55,709 shares in the company, valued at approximately $15,689,882.76. This trade represents 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 currently owned by company insiders.

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.

Applied Industrial Technologies Company Profile

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.