Parker-Hannifin Corporation $PH Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lowered its stake in Parker-Hannifin Corporation (NYSE:PH) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 186,361 shares of the industrial products company’s stock after selling 3,464 shares during the period. Parker-Hannifin accounts for 1.2% of Congress Asset Management Co.’s holdings, making the stock its 15th biggest position. Congress Asset Management Co. owned 0.15% of Parker-Hannifin worth $163,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Texas Capital Bancshares Inc TX acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $25,000. Chilton Capital Management LLC acquired a new stake in Parker-Hannifin during the 3rd quarter worth about $29,000. Ameriflex Group Inc. lifted its position in Parker-Hannifin by 366.7% during the 3rd quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 33 shares during the period. Morse Asset Management Inc grew its stake in Parker-Hannifin by 164.7% during the 3rd quarter. Morse Asset Management Inc now owns 45 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 28 shares during the last quarter. Finally, Valley Wealth Managers Inc. purchased a new stake in Parker-Hannifin during the 3rd quarter valued at about $36,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Parker-Hannifin in a research note on Thursday, January 22nd. Jefferies Financial Group increased their price target on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Robert W. Baird set a $1,050.00 price objective on shares of Parker-Hannifin in a research note on Friday, January 30th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $995.37.

Insider Activity

In related news, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total transaction of $535,766.16. Following the sale, the vice president owned 1,000 shares in the company, valued at approximately $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dinu J. Parel sold 1,316 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the completion of the transaction, the vice president directly owned 6,534 shares of the company’s stock, valued at $6,207,626.70. The trade was a 16.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 10,063 shares of company stock valued at $9,891,214 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Parker-Hannifin Stock Up 1.3%

Parker-Hannifin stock opened at $906.47 on Tuesday. The business’s 50-day moving average price is $957.53 and its 200 day moving average price is $865.45. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The firm has a market cap of $114.41 billion, a price-to-earnings ratio of 33.06, a price-to-earnings-growth ratio of 2.88 and a beta of 1.23. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,034.96.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.During the same period in the prior year, the firm earned $6.53 earnings per share. Parker-Hannifin’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin’s payout ratio is currently 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.