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Neil A. Schrimsher, President and CEO of Applied Industrial Technologies Inc. (NYSE:AIT), recently sold a significant portion of his holdings in the company. The transaction comes as the stock trades near its 52-week high of $282.98, having delivered an impressive 43.58% return over the past year. According to InvestingPro analysis, the company is currently trading above its Fair Value. On February 18, 2025, Schrimsher sold 10,680 shares of common stock at an average price of $269.18 per share. This transaction amounted to a total value of approximately $2.87 million. Following this sale, Schrimsher retains direct ownership of 173,606 shares.
The sale was part of a strategic move where the shares were contributed to an exchange fund, as noted in the filing. This transaction reflects Schrimsher’s ongoing management of his investment portfolio.
In other recent news, Applied Industrial Technologies reported its Q2 2024 earnings, showing a significant increase in earnings per share (EPS) to $2.39, exceeding analyst forecasts of $2.22. However, the company’s revenue slightly missed expectations, totaling $1.07 billion against a forecast of $1.08 billion. Despite the revenue shortfall, the company raised its FY2025 EPS guidance to a range of $9.65 to $10.05. Applied Industrial Technologies also announced the acquisition of Hydrodyne, aiming to enhance its engineered solutions segment, which now accounts for nearly 40% of total sales. The acquisition is expected to generate approximately $260 million in sales and $30 million in EBITDA in the first year, with anticipated synergies of $5-10 million over three years. Analyst firms have noted these developments, particularly the strategic acquisition, as a positive step for the company. The company aims for $5.5 billion in revenue with a 13% EBITDA margin, driven by its focus on automation and fluid power solutions. These updates reflect the company’s ongoing strategic initiatives and operational resilience amidst a challenging market environment.
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