Stephens Inc. AR boosted its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 9.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,761 shares of the industrial products company’s stock after purchasing an additional 247 shares during the quarter. Stephens Inc. AR’s holdings in Parker-Hannifin were worth $469,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Oppenheimer Asset Management Inc. raised its holdings in Parker-Hannifin by 11.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 537 shares of the industrial products company’s stock worth $92,000 after buying an additional 55 shares during the period. LS Investment Advisors LLC raised its holdings in Parker-Hannifin by 1.6% during the 1st quarter. LS Investment Advisors LLC now owns 4,703 shares of the industrial products company’s stock worth $807,000 after buying an additional 74 shares during the period. Emerald Advisers LLC raised its holdings in Parker-Hannifin by 0.6% during the 1st quarter. Emerald Advisers LLC now owns 14,768 shares of the industrial products company’s stock worth $2,534,000 after buying an additional 84 shares during the period. Piedmont Investment Advisors Inc. grew its stake in Parker-Hannifin by 2.4% during the 1st quarter. Piedmont Investment Advisors Inc. now owns 3,780 shares of the industrial products company’s stock valued at $649,000 after acquiring an additional 87 shares in the last quarter. Finally, OLD Dominion Capital Management Inc. grew its stake in Parker-Hannifin by 6.2% during the 1st quarter. OLD Dominion Capital Management Inc. now owns 1,548 shares of the industrial products company’s stock valued at $278,000 after acquiring an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 81.55% of the company’s stock.
In other Parker-Hannifin news, VP Robert W. Malone sold 336 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $156.76, for a total value of $52,671.36. Following the sale, the vice president now directly owns 24,260 shares in the company, valued at $3,802,997.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.12% of the company’s stock.
Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $3.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.09 by $0.22. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Parker-Hannifin had a return on equity of 26.11% and a net margin of 10.56%. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.22 EPS. On average, analysts predict that Parker-Hannifin Corp will post 11.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be paid a $0.88 dividend. The ex-dividend date is Tuesday, August 27th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.15%. Parker-Hannifin’s payout ratio is 29.70%.
Several equities analysts have weighed in on PH shares. Citigroup lifted their target price on Parker-Hannifin from $178.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, May 6th. Bank of America cut Parker-Hannifin from a “buy” rating to a “neutral” rating in a research note on Friday, July 12th. JPMorgan Chase & Co. cut Parker-Hannifin from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $186.00 to $169.00 in a research note on Wednesday, July 10th. Zacks Investment Research cut Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 target price on the stock. in a research note on Wednesday, July 17th. Finally, Wells Fargo & Co cut Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 target price on the stock. in a research note on Wednesday, July 10th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $176.55.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; 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; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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