Citigroup Inc. Acquires 22,089 Shares of Applied Industrial Technologies, Inc. (NYSE:AIT)

Citigroup Inc. boosted its position in Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) by 123.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,048 shares of the industrial products company's stock after purchasing an additional 22,089 shares during the period. Citigroup Inc. owned about 0.10% of Applied Industrial Technologies worth $8,936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Applied Industrial Technologies by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 22,607 shares of the industrial products company's stock valued at $4,467,000 after buying an additional 1,461 shares during the last quarter. Tidal Investments LLC raised its stake in Applied Industrial Technologies by 7.5% in the 1st quarter. Tidal Investments LLC now owns 2,114 shares of the industrial products company's stock valued at $418,000 after acquiring an additional 147 shares during the period. Comerica Bank raised its stake in Applied Industrial Technologies by 9.2% in the 1st quarter. Comerica Bank now owns 20,973 shares of the industrial products company's stock valued at $4,143,000 after acquiring an additional 1,765 shares during the period. Virtu Financial LLC purchased a new stake in Applied Industrial Technologies during the first quarter valued at about $231,000. Finally, EverSource Wealth Advisors LLC boosted its position in Applied Industrial Technologies by 68.5% during the first quarter. EverSource Wealth Advisors LLC now owns 305 shares of the industrial products company's stock worth $56,000 after purchasing an additional 124 shares during the period. 93.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AIT has been the topic of several research reports. Bank of America raised shares of Applied Industrial Technologies from a "neutral" rating to a "buy" rating and boosted their price target for the company from $285.00 to $315.00 in a research report on Tuesday. Oppenheimer boosted their target price on shares of Applied Industrial Technologies from $260.00 to $305.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Raymond James increased their target price on Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. KeyCorp lifted their target price on Applied Industrial Technologies from $245.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their price objective on Applied Industrial Technologies from $210.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $278.57.

Applied Industrial Technologies Price Performance

NYSE:AIT traded up $0.82 during mid-day trading on Friday, reaching $274.72. The stock had a trading volume of 205,258 shares, compared to its average volume of 286,128. Applied Industrial Technologies, Inc. has a one year low of $156.50 and a one year high of $282.98. The stock has a market capitalization of $10.56 billion, a P/E ratio of 28.12, a P/E/G ratio of 3.76 and a beta of 1.03. The firm has a 50 day moving average price of $243.16 and a two-hundred day moving average price of $213.80. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.74 and a current ratio of 3.78.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.25 by $0.11. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.08 billion. The company's revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $2.39 earnings per share. As a group, analysts expect that Applied Industrial Technologies, Inc. will post 9.76 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Friday, November 15th. Applied Industrial Technologies's payout ratio is 15.10%.

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.