Applied Industrial Technologies Inc. (NYSE:AIT)’s share price reached a new 52-week high on Wednesday . The company traded as high as $47.28 and last traded at $47.12, with a volume of 83,070 shares. The stock had previously closed at $46.97.

Separately, Zacks Investment Research upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Wednesday, May 4th.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, April 28th. The company reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $633.20 million for the quarter, compared to analyst estimates of $619.33 million. The firm’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Thursday, August 11th.

Several hedge funds and institutional investors have made changes to their positions in AIT. Schroder Investment Management Group increased its position in shares of Applied Industrial Technologies by 303.5% in the fourth quarter. Schroder Investment Management Group now owns 708,378 shares of the company’s stock valued at $28,683,000 after buying an additional 532,828 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Applied Industrial Technologies by 9.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,302,622 shares of the company’s stock valued at $52,744,000 after buying an additional 116,159 shares during the last quarter. Systematic Financial Management LP acquired a new position in shares of Applied Industrial Technologies during the fourth quarter valued at approximately $1,750,000. Principal Financial Group Inc. increased its position in shares of Applied Industrial Technologies by 1.9% in the fourth quarter. Principal Financial Group Inc. now owns 680,562 shares of the company’s stock valued at $27,556,000 after buying an additional 12,701 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Applied Industrial Technologies by 45.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 29,215 shares of the company’s stock valued at $1,182,000 after buying an additional 9,089 shares during the last quarter.

Applied Industrial Technologies Inc is a distributor and supplier of industrial products. The Company’s industry products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and other industrial and maintenance supplies.

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