Applied Industrial Technologies, Inc. (NYSE:AIT) Stock Position Lessened by Citigroup Inc.

Citigroup Inc. reduced its stake in shares of Applied Industrial Technologies, Inc. (NYSE:AIT) by 15.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,867 shares of the industrial products company’s stock after selling 4,677 shares during the quarter. Citigroup Inc. owned about 0.06% of Applied Industrial Technologies worth $3,534,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of AIT. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Applied Industrial Technologies by 0.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,387 shares of the industrial products company’s stock worth $2,065,000 after buying an additional 132 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Applied Industrial Technologies by 72.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 21,891 shares of the industrial products company’s stock worth $2,759,000 after purchasing an additional 9,203 shares during the period. Harvest Fund Management Co. Ltd boosted its stake in Applied Industrial Technologies by 28.4% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 2,014 shares of the industrial products company’s stock valued at $286,000 after purchasing an additional 445 shares in the last quarter. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Applied Industrial Technologies during the 1st quarter valued at $2,149,000. Finally, O Neil Global Advisors Inc. bought a new stake in shares of Applied Industrial Technologies in the 1st quarter worth $521,000. 92.49% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Price Performance

NYSE AIT opened at $157.08 on Monday. The company has a current ratio of 3.05, a quick ratio of 2.12 and a debt-to-equity ratio of 0.41. Applied Industrial Technologies, Inc. has a 1 year low of $96.43 and a 1 year high of $157.56. The company has a market cap of $6.07 billion, a PE ratio of 17.77 and a beta of 1.21. The stock’s 50-day moving average price is $146.67 and its two-hundred day moving average price is $138.96.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, August 10th. The industrial products company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.17 by $0.18. Applied Industrial Technologies had a net margin of 7.86% and a return on equity of 25.62%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same quarter last year, the business posted $2.02 EPS. The company’s revenue was up 9.1% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies, Inc. will post 9.01 EPS for the current year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were issued a $0.35 dividend. The ex-dividend date was Monday, August 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 0.89%. Applied Industrial Technologies’s dividend payout ratio is 15.84%.

Analyst Ratings Changes

AIT has been the topic of a number of research analyst reports. Robert W. Baird lifted their target price on Applied Industrial Technologies from $161.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, August 11th. Loop Capital boosted their target price on shares of Applied Industrial Technologies from $170.00 to $174.00 and gave the stock a “buy” rating in a report on Monday, August 14th. StockNews.com began coverage on shares of Applied Industrial Technologies in a report on Thursday, August 17th. They set a “buy” rating for the company. Finally, KeyCorp upped their price target on Applied Industrial Technologies from $162.00 to $182.00 and gave the company an “overweight” rating in a report on Friday, August 11th.

Insider Transactions at Applied Industrial Technologies

In related news, CEO Neil A. Schrimsher sold 9,889 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the transaction, the chief executive officer now directly owns 292,307 shares of the company’s stock, valued at $45,062,047.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Neil A. Schrimsher sold 9,889 shares of Applied Industrial Technologies stock in a transaction on Friday, August 25th. The stock was sold at an average price of $154.16, for a total transaction of $1,524,488.24. Following the completion of the sale, the chief executive officer now owns 292,307 shares of the company’s stock, valued at $45,062,047.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Neil A. Schrimsher sold 30,000 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $153.67, for a total value of $4,610,100.00. Following the completion of the transaction, the chief executive officer now directly owns 302,307 shares in the company, valued at $46,455,516.69. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.

Applied Industrial Technologies 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.