Alliancebernstein L.P. Trims Stock Position in Parker-Hannifin Corporation $PH

Alliancebernstein L.P. lessened its holdings in Parker-Hannifin Corporation (NYSE:PH) by 22.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 358,094 shares of the industrial products company’s stock after selling 101,232 shares during the period. Alliancebernstein L.P. owned about 0.28% of Parker-Hannifin worth $271,489,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Texas Capital Bancshares Inc TX purchased a new position in Parker-Hannifin during the third quarter valued at approximately $25,000. Chilton Capital Management LLC bought a new position in shares of Parker-Hannifin in the third quarter worth about $29,000. Ameriflex Group Inc. boosted its stake in shares of Parker-Hannifin by 366.7% in the third 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. Valley Wealth Managers Inc. purchased a new stake in shares of Parker-Hannifin during the third quarter worth about $36,000. Finally, Johnson Financial Group Inc. grew its position in shares of Parker-Hannifin by 84.6% during the third quarter. Johnson Financial Group Inc. now owns 48 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 1.3%

PH opened at $890.28 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. The stock’s 50 day moving average price is $959.64 and its 200-day moving average price is $859.42. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $1,034.96. The stock has a market cap of $112.37 billion, a price-to-earnings ratio of 32.47, a P/E/G ratio of 2.87 and a beta of 1.23.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. The firm had revenue of $5.17 billion during 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%.Parker-Hannifin’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the company earned $6.53 EPS. On average, equities analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.26%.

Analysts Set New Price Targets

A number of research firms recently commented on PH. Weiss Ratings reissued a “buy (b)” rating on shares of Parker-Hannifin in a report on Thursday, January 22nd. JPMorgan Chase & Co. raised their price objective on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. BNP Paribas Exane began coverage on Parker-Hannifin in a report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Parker-Hannifin in a research report on Thursday, January 29th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average target price of $995.37.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction dated 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 transaction, the vice president directly owned 6,534 shares in the company, valued at $6,207,626.70. This represents a 16.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of the business’s stock in a transaction on Wednesday, February 11th. The stock was 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 of the company’s stock, 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 sold 10,063 shares of company stock worth $9,891,214 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Parker-Hannifin Profile

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.