Russell Investments Group Ltd. Sells 2,440 Shares of Parker-Hannifin Co. (NYSE:PH)

Russell Investments Group Ltd. trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 6.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 35,604 shares of the industrial products company’s stock after selling 2,440 shares during the period. Russell Investments Group Ltd.’s holdings in Parker-Hannifin were worth $16,414,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PH. Commonwealth Equity Services LLC grew its position in Parker-Hannifin by 3.2% during the third quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock worth $14,170,000 after buying an additional 1,112 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Parker-Hannifin by 0.8% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,543 shares of the industrial products company’s stock worth $5,275,000 after acquiring an additional 104 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Parker-Hannifin by 3.0% in the third quarter. Robeco Institutional Asset Management B.V. now owns 17,215 shares of the industrial products company’s stock valued at $6,706,000 after acquiring an additional 502 shares during the last quarter. Raymond James & Associates increased its stake in Parker-Hannifin by 3.3% in the third quarter. Raymond James & Associates now owns 188,382 shares of the industrial products company’s stock valued at $73,379,000 after acquiring an additional 6,090 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in Parker-Hannifin by 5.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 51,372 shares of the industrial products company’s stock valued at $20,010,000 after purchasing an additional 2,465 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH opened at $536.18 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.49 and a current ratio of 0.87. The stock has a market capitalization of $68.85 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.51. The stock’s 50 day moving average price is $544.86 and its 200-day moving average price is $481.66. Parker-Hannifin Co. has a 52-week low of $319.14 and a 52-week high of $570.15.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the firm earned $5.93 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities research analysts predict that Parker-Hannifin Co. will post 24.69 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.22%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.90%.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent research reports. Mizuho increased their price objective on Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Evercore ISI increased their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, KeyCorp raised their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Company Profile

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 ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.