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

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

The company has a market capitalization of $1.79 billion and a P/E ratio of 58.04. The firm has a 50 day moving average price of $46.19 and a 200-day moving average price of $43.55.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Friday, August 12th. The company reported $0.66 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.66. During the same period last year, the business earned $0.70 earnings per share. The business earned $63 million during the quarter, compared to analysts’ expectations of $643.13 million. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. Equities research analysts forecast that Applied Industrial Technologies Inc. will post $2.57 EPS for the current year.

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

A number of hedge funds and institutional investors have added to or reduced their stakes in AIT. Bank of Montreal Can raised its position 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 worth $1,321,000 after buying an additional 842 shares during the period. Systematic Financial Management LP purchased a new stake in shares of Applied Industrial Technologies during the fourth quarter worth about $1,750,000. New York State Common Retirement Fund increased its stake in shares of 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 worth $2,238,000 after buying an additional 2,400 shares in the last quarter. 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 worth $5,547,000 after buying an additional 700 shares in the last quarter. Finally, Calvert Investment Management Inc. increased its stake in shares of Applied Industrial Technologies by 49.3% in the fourth quarter. Calvert Investment Management Inc. now owns 277,871 shares of the company’s stock worth $11,251,000 after buying an additional 91,810 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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