BOSTON ( TheStreet) -- Applied Industrial Technologies (AIT - Get Report) shares retraced early losses by midday Tuesday after the industrial products provider increased its quarterly dividend by 13%.
Applied Industrial said it bumped its quarterly cash dividend higher to 17 cents per share from 15 cents. The new dividend is payable on Aug. 31 to shareholders of record on Aug. 16. Applied Industrial Chairman and CEO David Pugh said the dividend increase is based "on our good cash flows and the recent improvement in the North American industrial economy."
The new dividend pushes Applied Industrial's annualized dividend rate to 2.62% from 2.31%. Shares of Applied Industrial dropped as low as $25.62 early Tuesday before recovering those losses. Lately, the stock was up 3 cents, or 0.1%, to $25.98.
Elsewhere, Lindsay Corp. (LNN - Get Report) said it has raised its quarterly cash dividend by 6% to 8.5 cents per share. The new dividend is payable on Aug. 31 to shareholders of record on Aug. 17. Despite the dividend increase, shares of Lindsay Corp. slipped 1.1% to $32.72.Digital Realty Trust (DLR - Get Report) shares inched higher after the company upped its quarterly dividend on its common stock to 53 cents per share, an increase of 10.4%. The new dividend comes in anticipation of increased REIT taxable income and distribution requirements for 2010, the company said. Digital Realty Trust, which also increased its preferred stock dividends, rose 0.1% to $61.05. Meanwhile, Solera (SLH - Get Report) increased its quarterly dividend by 20% to 7.5 cents per share of outstanding common stock and per outstanding restricted stock unit. The new dividend is payable on Sept. 22 to shareholders of record on Sept. 9. Solera shares were lately up 0.5% to $37.18. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.