Applied Industrial Technologies, Inc. (NYSE:AIT) Shares Bought by UMB Bank n.a.

UMB Bank n.a. lifted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 138.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 515 shares of the industrial products company’s stock after purchasing an additional 299 shares during the period. UMB Bank n.a.’s holdings in Applied Industrial Technologies were worth $116,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. increased its holdings in Applied Industrial Technologies by 7.2% during the 4th quarter. Invesco Ltd. now owns 1,271,356 shares of the industrial products company’s stock valued at $304,452,000 after acquiring an additional 85,270 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Applied Industrial Technologies by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,061,231 shares of the industrial products company’s stock worth $254,182,000 after acquiring an additional 20,842 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Applied Industrial Technologies by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 571,275 shares of the industrial products company’s stock valued at $136,803,000 after buying an additional 1,958 shares in the last quarter. Norges Bank acquired a new position in Applied Industrial Technologies during the fourth quarter valued at approximately $129,690,000. Finally, Northern Trust Corp lifted its position in Applied Industrial Technologies by 12.5% during the fourth quarter. Northern Trust Corp now owns 510,772 shares of the industrial products company’s stock valued at $122,315,000 after buying an additional 56,732 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $230.03 on Friday. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 3.14 and a beta of 0.93. Applied Industrial Technologies, Inc. has a twelve month low of $181.35 and a twelve month high of $282.98. The company has a 50-day moving average of $226.84 and a 200-day moving average of $241.87. The company has a current ratio of 3.76, a quick ratio of 2.55 and a debt-to-equity ratio of 0.32.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.17. Applied Industrial Technologies had a net margin of 8.62% and a return on equity of 22.37%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $2.48 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. Analysts forecast that Applied Industrial Technologies, Inc. will post 9.9 earnings per share for the current fiscal year.

Applied Industrial Technologies declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Thursday, May 15th. Applied Industrial Technologies’s payout ratio is presently 18.47%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Loop Capital reduced their target price on shares of Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Raymond James reiterated an “outperform” rating and set a $250.00 target price (down previously from $265.00) on shares of Applied Industrial Technologies in a research note on Friday, May 2nd. Finally, KeyCorp lowered their price target on shares of Applied Industrial Technologies from $325.00 to $275.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $285.00.

Applied Industrial Technologies Company 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.