Applied Industrial Technologies, Inc. (NYSE:AIT) will look for M&A. Neil Schrimsher, President and Chief Executive Officer said, "As we think, overall, I mean, one, we'll continue to look at organic growth opportunities that we have and make right smart investments. With that said, the business doesn't have high, high capital intensity in those requirements, but we intend to generate great returns. In the quarter, the Board -- we increased the dividend.

And so that's the 13th increase since 2010. We'll continue to look at that, modest share repurchase activity there, really just to look at the creep or any dilution on that side. And so we think in the space, that it is an attractive M&A time.

We're busy on that front. And so we're at a healthy -- we have a healthy balance sheet. We're at a good position.

We think our optimized leverage across longer term is more 2.5x, with the ability to go over and migrate back. We are under it right now, but we'll continue to look for right M&A and then right ongoing capital deployment as we work through the cycle".