AE Wealth Management LLC reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 11.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,018 shares of the industrial products company’s stock after selling 1,604 shares during the period. AE Wealth Management LLC’s holdings in Parker-Hannifin were worth $4,106,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in Parker-Hannifin by 16.1% during the first quarter. FMR LLC now owns 310,712 shares of the industrial products company’s stock worth $53,324,000 after buying an additional 43,094 shares in the last quarter. Wealth Alliance purchased a new stake in Parker-Hannifin during the third quarter worth $212,000. IHT Wealth Management LLC purchased a new stake in Parker-Hannifin during the third quarter worth $215,000. Sei Investments Co. boosted its holdings in Parker-Hannifin by 4.9% during the third quarter. Sei Investments Co. now owns 100,599 shares of the industrial products company’s stock worth $20,358,000 after buying an additional 4,687 shares in the last quarter. Finally, Strs Ohio boosted its holdings in Parker-Hannifin by 50.6% during the third quarter. Strs Ohio now owns 334,586 shares of the industrial products company’s stock worth $67,700,000 after buying an additional 112,470 shares in the last quarter. 77.44% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the stock. Citigroup upped their price target on shares of Parker-Hannifin from $305.00 to $340.00 in a research report on Tuesday, March 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Parker-Hannifin from $331.00 to $347.00 and gave the stock a “buy” rating in a report on Monday, April 19th. Credit Suisse Group lifted their price objective on Parker-Hannifin from $331.00 to $355.00 and gave the stock an “outperform” rating in a report on Friday, February 5th. Morgan Stanley lifted their price objective on Parker-Hannifin from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Monday, April 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Parker-Hannifin from $283.00 to $288.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Parker-Hannifin currently has a consensus rating of “Buy” and a consensus target price of $319.50.
PH opened at $311.38 on Tuesday. Parker-Hannifin Co. has a one year low of $140.01 and a one year high of $323.80. The stock has a market capitalization of $40.19 billion, a PE ratio of 34.07, a P/E/G ratio of 1.97 and a beta of 1.74. The business’s 50 day moving average price is $316.13 and its 200 day moving average price is $279.67. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.92 and a current ratio of 1.46.
Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, April 29th. The industrial products company reported $4.11 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.33. Parker-Hannifin had a return on equity of 22.77% and a net margin of 8.75%. The firm had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the firm posted $2.92 earnings per share. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, equities research analysts forecast that Parker-Hannifin Co. will post 12.37 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 4th. Investors of record on Friday, May 7th will be issued a $1.03 dividend. The ex-dividend date of this dividend is Thursday, May 6th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $0.88. This represents a $4.12 dividend on an annualized basis and a yield of 1.32%. Parker-Hannifin’s dividend payout ratio is currently 32.62%.
In other Parker-Hannifin news, VP Andrew M. Weeks sold 3,996 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $312.72, for a total value of $1,249,629.12. Following the sale, the vice president now owns 6,857 shares of the company’s stock, valued at $2,144,321.04. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Roger S. Sherrard sold 850 shares of the business’s stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $302.39, for a total value of $257,031.50. Following the completion of the sale, the vice president now directly owns 74,593 shares in the company, valued at approximately $22,556,177.27. The disclosure for this sale can be found here. Insiders sold 12,565 shares of company stock worth $3,912,596 over the last quarter. 1.47% of the stock is currently owned by insiders.
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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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