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

Separately, Zacks Investment Research raised shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, July 7th.

The company has a market capitalization of $1.87 billion and a price-to-earnings ratio of 60.65. The company’s 50-day moving average is $45.89 and its 200 day moving average is $43.17.

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

A number of hedge funds recently made changes to their positions in AIT. Bank of Montreal Can raised its stake in shares of 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. Systematic Financial Management LP acquired a new position in Applied Industrial Technologies during the fourth quarter valued at $1,750,000. New York State Common Retirement Fund increased its position 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 during the last quarter. Rhumbline Advisers increased its position 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 during the last quarter. Finally, California Public Employees Retirement System increased its position 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 valued at $5,547,000 after buying an additional 700 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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