The Manufacturers Life Insurance Company cut its holdings in Parker-Hannifin Co. (NYSE:PH – Get Rating) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 394,107 shares of the industrial products company’s stock after selling 6,455 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.31% of Parker-Hannifin worth $111,832,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Parker-Hannifin by 2.0% in the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after purchasing an additional 190,889 shares during the period. State Street Corp boosted its holdings in Parker-Hannifin by 1.4% during the fourth quarter. State Street Corp now owns 6,191,510 shares of the industrial products company’s stock worth $1,969,643,000 after buying an additional 88,326 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Parker-Hannifin by 2.3% during the first quarter. JPMorgan Chase & Co. now owns 5,344,389 shares of the industrial products company’s stock worth $1,516,523,000 after buying an additional 117,616 shares during the last quarter. Viking Global Investors LP boosted its holdings in Parker-Hannifin by 3.5% during the first quarter. Viking Global Investors LP now owns 3,165,334 shares of the industrial products company’s stock worth $898,195,000 after buying an additional 108,413 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Parker-Hannifin by 56.2% during the first quarter. Wellington Management Group LLP now owns 2,711,951 shares of the industrial products company’s stock worth $769,544,000 after buying an additional 976,153 shares during the last quarter. 82.65% of the stock is currently owned by institutional investors and hedge funds.
Parker-Hannifin Stock Down 1.2 %
NYSE:PH opened at $267.54 on Friday. The firm has a market capitalization of $34.35 billion, a price-to-earnings ratio of 26.54, a price-to-earnings-growth ratio of 1.64 and a beta of 1.57. Parker-Hannifin Co. has a twelve month low of $230.44 and a twelve month high of $340.00. The stock’s 50 day moving average price is $276.54 and its two-hundred day moving average price is $273.14. The company has a quick ratio of 1.68, a current ratio of 2.06 and a debt-to-equity ratio of 1.10.
Parker-Hannifin Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 29th were issued a dividend of $1.33 per share. This represents a $5.32 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Friday, August 26th. Parker-Hannifin’s payout ratio is presently 52.78%.
Insider Buying and Selling
In related news, VP Andrew D. Ross sold 3,224 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $296.30, for a total transaction of $955,271.20. Following the transaction, the vice president now directly owns 9,840 shares of the company’s stock, valued at approximately $2,915,592. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.47% of the stock is owned by insiders.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on PH shares. The Goldman Sachs Group cut their price objective on Parker-Hannifin from $346.00 to $287.00 and set a “buy” rating on the stock in a report on Thursday, June 23rd. Barclays lifted their price objective on Parker-Hannifin to $340.00 in a report on Tuesday, August 9th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, August 13th. Wells Fargo & Company cut their target price on Parker-Hannifin from $301.00 to $289.00 in a research note on Tuesday, July 12th. Finally, Stifel Nicolaus cut their target price on Parker-Hannifin from $343.00 to $283.00 in a research note on Monday, July 18th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $333.00.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
- Get a free copy of the StockNews.com research report on Parker-Hannifin (PH)
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