Mary Dean Hall, a director at Applied Industrial Technologies Inc. (NYSE:AIT), recently sold 2,200 shares of the company's common stock. The company, which has demonstrated remarkable performance with a 60% gain year-to-date, maintains a "GREAT" financial health rating according to InvestingPro analysis. The transaction occurred on November 27, 2024, at a price of $275.076 per share, amounting to a total value of $605,167. Following this sale, Hall retains ownership of 3,462 shares in the company. The transaction was disclosed in a filing with the Securities and Exchange Commission on December 2, 2024. Notable company strengths include a 15-year streak of dividend increases and strong cash flows. For deeper insights into insider trading patterns and 12+ additional key metrics, visit InvestingPro.
In other recent news, Applied Industrial Technologies has made significant strides in its growth strategy, with a major acquisition and positive earnings reports among its recent developments. The company's decision to acquire Hydradyne, a key player in the fluid power and motion control sector, has been recognized for its strategic value. The acquisition, expected to be finalized by the end of 2024, is anticipated to enhance Applied Industrial Technologies' presence in the Eastern and Southeastern United States. Financial details reveal the purchase price is lower than Applied Industrial Technologies' current trading multiple, suggesting a cost-effective expansion.
In addition to the acquisition, Applied Industrial Technologies has reported mixed results in its Q1 FY2025 earnings call. Despite a 3% year-over-year decline in organic daily sales, the company generated a record free cash flow and raised its EPS guidance for FY2025. Analyst firms Baird, BofA Securities, and Oppenheimer have maintained positive ratings for the company, citing confidence in its mergers and acquisitions strategy and its continued focus on strategic investments and acquisitions as key drivers of future growth. These are among the recent developments for Applied Industrial Technologies, which remains committed to enhancing shareholder value as FY2025 progresses.
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