Applied Industrial Technologies Inc. (NYSE:AIT) was down 5.9% during mid-day trading on Friday . The stock traded as low as $44.03 and last traded at $45.34, with a volume of 273,149 shares traded. The stock had previously closed at $48.19.

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

The company has a market cap of $1.79 billion and a P/E ratio of 58.04. The firm has a 50 day moving average of $46.21 and a 200 day moving average of $43.49.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Friday, August 12th. The company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. The company had revenue of $63 million for the quarter, compared to analyst estimates of $643.13 million. Applied Industrial Technologies’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Equities analysts predict that Applied Industrial Technologies Inc. will post $2.49 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, August 11th.

A number of large investors recently made changes to their positions in the company. California Public Employees Retirement System increased its stake in shares of 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 in the last quarter. Bank of Montreal Can raised 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 during the last quarter. New York State Common Retirement Fund raised 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 during the last quarter. Rhumbline Advisers raised 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 during the last quarter. Finally, Principal Financial Group Inc. raised its stake in 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.

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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