Applied Industrial Technologies Inc. (NYSE:AIT) shares reached a new 52-week high during trading on Friday . The company traded as high as $47.64 and last traded at $47.60, with a volume of 33,653 shares changing hands. The stock had previously closed at $46.81.

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 report on Wednesday, May 4th.

The firm has a market cap of $1.87 billion and a price-to-earnings ratio of 60.65. The firm has a 50 day moving average price of $45.83 and a 200-day moving average price of $43.14.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Monday, August 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, August 11th.

A number of large investors have bought and sold shares of AIT. California Public Employees Retirement System increased its stake in Applied Industrial Technologies by 0.5% in the fourth quarter. California Public Employees Retirement System now owns 137,000 shares of the company’s stock worth $5,547,000 after buying an additional 700 shares in the last quarter. Bank of Montreal Can increased its stake in Applied Industrial Technologies by 2.6% in the fourth quarter. Bank of Montreal Can now owns 32,634 shares of the company’s stock valued at $1,321,000 after buying an additional 842 shares in the last quarter. New York State Common Retirement Fund increased its stake in Applied Industrial Technologies by 4.5% in the fourth quarter. New York State Common Retirement Fund now owns 55,275 shares of the company’s stock valued at $2,238,000 after buying an additional 2,400 shares in the last quarter. Rhumbline Advisers increased its stake in Applied Industrial Technologies by 4.6% in the fourth quarter. Rhumbline Advisers now owns 77,390 shares of the company’s stock valued at $3,134,000 after buying an additional 3,370 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in 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 in 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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