UMB Bank n.a. Has $116,000 Stock Holdings in Applied Industrial Technologies, Inc. (NYSE:AIT)

UMB Bank n.a. lifted its stake in Applied Industrial Technologies, Inc. (NYSE:AIT) by 138.4% during the 1st quarter, HoldingsChannel reports. The fund owned 515 shares of the industrial products company’s stock after buying 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of AIT. Louisiana State Employees Retirement System grew its stake in shares of Applied Industrial Technologies by 0.9% in the fourth quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the industrial products company’s stock worth $2,562,000 after acquiring an additional 100 shares during the last quarter. Legato Capital Management LLC grew its stake in shares of Applied Industrial Technologies by 72.4% in the fourth quarter. Legato Capital Management LLC now owns 2,750 shares of the industrial products company’s stock worth $659,000 after acquiring an additional 1,155 shares during the last quarter. Values First Advisors Inc. grew its stake in shares of Applied Industrial Technologies by 189.2% in the fourth quarter. Values First Advisors Inc. now owns 1,475 shares of the industrial products company’s stock worth $353,000 after acquiring an additional 965 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Applied Industrial Technologies by 34.6% in the fourth quarter. Van ECK Associates Corp now owns 34,054 shares of the industrial products company’s stock worth $8,155,000 after acquiring an additional 8,760 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Applied Industrial Technologies by 1.5% in the fourth quarter. Rhumbline Advisers now owns 124,195 shares of the industrial products company’s stock worth $29,741,000 after acquiring an additional 1,868 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AIT. KeyCorp reduced their target price on 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. Loop Capital cut their price target on Applied Industrial Technologies from $320.00 to $290.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $250.00 price target (down from $265.00) on shares of Applied Industrial Technologies in a report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.00.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $230.03 on Friday. The firm has a market capitalization of $8.76 billion, a P/E ratio of 23.31, a PEG ratio of 3.14 and a beta of 0.93. Applied Industrial Technologies, Inc. has a 1 year low of $181.35 and a 1 year high of $282.98. The business 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 earnings results on Thursday, May 1st. The industrial products company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.17. Applied Industrial Technologies had a return on equity of 22.37% and a net margin of 8.62%. 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 previous year, the company earned $2.48 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities analysts anticipate that Applied Industrial Technologies, Inc. will post 9.9 EPS for the current year.

Applied Industrial Technologies Announces Dividend

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

Applied Industrial Technologies announced that its board has approved a stock buyback plan on Thursday, May 1st that permits the company to repurchase 1,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

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.