Citigroup Inc. Acquires 6,174 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Citigroup Inc. raised its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) by 26.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 29,544 shares of the industrial products company’s stock after buying an additional 6,174 shares during the period. Citigroup Inc.’s holdings in Applied Industrial Technologies were worth $3,723,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in shares of Applied Industrial Technologies by 141.3% during the fourth quarter. SG Americas Securities LLC now owns 16,965 shares of the industrial products company’s stock valued at $2,138,000 after buying an additional 9,935 shares during the last quarter. Tudor Investment Corp Et Al boosted its holdings in Applied Industrial Technologies by 43.8% during the 3rd quarter. Tudor Investment Corp Et Al now owns 7,794 shares of the industrial products company’s stock worth $801,000 after acquiring an additional 2,375 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in Applied Industrial Technologies by 1.6% during the 3rd quarter. Macquarie Group Ltd. now owns 900,360 shares of the industrial products company’s stock worth $92,601,000 after acquiring an additional 13,748 shares during the last quarter. Handelsinvest Investeringsforvaltning purchased a new stake in shares of Applied Industrial Technologies in the fourth quarter valued at about $11,710,000. Finally, Wesbanco Bank Inc. bought a new position in shares of Applied Industrial Technologies during the fourth quarter valued at about $1,853,000. Institutional investors and hedge funds own 92.02% of the company’s stock.

Insider Buying and Selling

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 4,186 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $145.00, for a total transaction of $606,970.00. Following the sale, the chief executive officer now directly owns 339,744 shares of the company’s stock, valued at $49,262,880. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 21,526 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the sale, the chief executive officer now owns 318,218 shares of the company’s stock, valued at approximately $46,160,703.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil A. Schrimsher sold 4,186 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $145.00, for a total value of $606,970.00. Following the sale, the chief executive officer now owns 339,744 shares in the company, valued at approximately $49,262,880. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $129.17 on Monday. The company has a current ratio of 3.14, a quick ratio of 2.04 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $133.63 and a two-hundred day simple moving average of $132.51. Applied Industrial Technologies, Inc. has a 1-year low of $88.09 and a 1-year high of $149.42. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 15.18 and a beta of 1.19.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Stockholders of record on Monday, May 15th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, May 12th. This represents a $1.40 annualized dividend and a dividend yield of 1.08%. Applied Industrial Technologies’s payout ratio is 16.45%.

Analysts Set New Price Targets

Several research firms have commented on AIT. Loop Capital increased their price objective on shares of Applied Industrial Technologies from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, January 27th. StockNews.com started coverage on Applied Industrial Technologies in a research report on Thursday. They set a “buy” rating for the company. KeyCorp boosted their price objective on Applied Industrial Technologies from $138.00 to $162.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th. Finally, Robert W. Baird raised their target price on Applied Industrial Technologies from $160.00 to $161.00 in a research report on Friday, April 28th.

Applied Industrial Technologies Profile

(Get Rating)

Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.