Bowen Hanes & Co. Inc. Boosts Holdings in Parker-Hannifin Corporation $PH

Bowen Hanes & Co. Inc. lifted its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 3.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 100,265 shares of the industrial products company’s stock after acquiring an additional 3,365 shares during the period. Parker-Hannifin makes up approximately 1.9% of Bowen Hanes & Co. Inc.’s investment portfolio, making the stock its 17th largest holding. Bowen Hanes & Co. Inc. owned 0.08% of Parker-Hannifin worth $76,016,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in PH. Procyon Advisors LLC boosted its holdings in Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Norges Bank purchased a new position in Parker-Hannifin during the second quarter valued at $1,352,509,000. Canada Pension Plan Investment Board increased its stake in Parker-Hannifin by 115.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock worth $256,970,000 after buying an additional 197,317 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Parker-Hannifin by 9.1% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock valued at $1,145,199,000 after purchasing an additional 136,359 shares in the last quarter. Finally, Lazard Freres Gestion S.A.S. purchased a new position in Parker-Hannifin in the 3rd quarter worth approximately $103,284,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Citigroup lifted their price objective on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Morgan Stanley reissued a “positive” rating on shares of Parker-Hannifin in a research report on Wednesday, January 14th. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $941.00 to $965.00 and gave the stock a “hold” rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research note on Thursday, January 22nd. Finally, Argus reaffirmed a “buy” rating and issued a $900.00 price objective on shares of Parker-Hannifin in a research note on Monday, November 10th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average price target of $990.47.

Parker-Hannifin Stock Up 1.0%

Parker-Hannifin stock opened at $1,022.31 on Friday. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $1,024.58. The stock has a market capitalization of $129.04 billion, a price-to-earnings ratio of 37.28, a PEG ratio of 3.29 and a beta of 1.25. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $933.20 and a two-hundred day moving average of $834.58.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same quarter last year, the company earned $6.53 earnings per share. As a group, research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 6th will be paid a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Friday, February 6th. Parker-Hannifin’s payout ratio is currently 26.26%.

Insider Buying and Selling

In related news, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $13,106,880. The trade was a 26.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the completion of the transaction, the chief financial officer directly owned 20,610 shares in the company, valued at approximately $20,658,227.40. The trade was a 9.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,551 shares of company stock valued at $12,117,502 over the last three months. Company insiders own 0.32% of the company’s stock.

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.