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Applied Industrial Technologies (NYSE:AIT), a $9.57 billion industrial equipment distributor with a GREAT financial health score according to InvestingPro, held its annual meeting of shareholders on Tuesday. The company is currently trading above its Fair Value. According to a statement based on a press release filed with the Securities and Exchange Commission, three directors were elected for three-year terms. The elected directors are Mary Dean Hall, Joe A. Raver, and Richard J. Simoncic.
The voting results for the director elections were as follows:
- Mary Dean Hall received 28,555,324 votes in favor, with 3,722,211 votes withheld and 2,096,107 broker non-votes.
- Joe A. Raver received 28,731,867 votes in favor, with 3,545,668 votes withheld and 2,096,107 broker non-votes.
- Richard J. Simoncic received 31,089,269 votes in favor, with 1,188,266 votes withheld and 2,096,107 broker non-votes.
The terms of directors Madhuri A. Andrews, Shelly M. Chadwick, Robert J. Pagano, Jr., Vincent K. Petrella, Neil A. Schrimsher, and Peter C. Wallace continue after the meeting. The company has demonstrated strong governance, maintaining dividend payments for 55 consecutive years with 15 years of consecutive increases.
Shareholders also conducted a nonbinding advisory vote to approve the compensation of the company’s named executive officers. The results showed 31,401,048 votes in favor, 799,147 votes against, 77,340 abstentions, and 2,096,107 broker non-votes.
In addition, shareholders ratified the Audit Committee’s appointment of Deloitte & Touche LLP as the company’s independent auditor for the fiscal year ending June 30, 2026. The ratification received 32,963,439 votes in favor, 1,384,038 votes against, and 26,165 abstentions.
The company reported that 37,751,071 shares of common stock were entitled to vote at the meeting.
All information in this article is based on a press release statement filed with the SEC. Investors should note that Applied Industrial Technologies is scheduled to report its next earnings on October 28, 2025. For comprehensive analysis and additional insights, access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 top US stocks.
In other recent news, Applied Industrial Technologies reported strong fourth-quarter earnings for 2025, surpassing market expectations. The company achieved an earnings per share of $2.80, exceeding the forecasted $2.63, and reported revenue of $1.22 billion, which was higher than the anticipated $1.18 billion. This earnings report highlights a 6.46% and 3.39% surprise in EPS and revenue, respectively. Oppenheimer has reiterated an Outperform rating on Applied Industrial Technologies, maintaining a price target of $300.00, citing positive market signals and improvements in their business model. The firm anticipates the company’s EBITDA margins to grow towards mid-teens percentages in the long term. In contrast, Raymond James downgraded the stock from Outperform to Market Perform due to valuation concerns, noting that shares are trading above their previous $250 price target. These developments provide investors with a mix of positive earnings results and varied analyst perspectives on the company’s valuation.
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