HM Payson & Co. Reduces Stake in Parker-Hannifin Co. (NYSE:PH)

HM Payson & Co. reduced its position in Parker-Hannifin Co. (NYSE:PH) by 0.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,623 shares of the industrial products company’s stock after selling 35 shares during the period. HM Payson & Co.’s holdings in Parker-Hannifin were worth $19,348,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. TD Asset Management Inc increased its stake in Parker-Hannifin by 152.1% in the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after purchasing an additional 79,774 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Parker-Hannifin by 8.5% during the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after buying an additional 1,802 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in Parker-Hannifin by 261.4% during the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after buying an additional 1,819 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Parker-Hannifin by 54.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after buying an additional 6,029 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Parker-Hannifin by 16.5% during the first quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock worth $23,634,000 after buying an additional 6,013 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.39% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PH. Deutsche Bank Aktiengesellschaft raised their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Raymond James raised their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Robert W. Baird raised their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Finally, Barclays raised their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average price target of $660.57.

Parker-Hannifin Stock Performance

PH stock traded down $0.83 on Thursday, reaching $623.46. The company’s stock had a trading volume of 101,924 shares, compared to its average volume of 632,125. The company has a market capitalization of $80.22 billion, a P/E ratio of 28.66, a price-to-earnings-growth ratio of 2.52 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The firm has a fifty day moving average of $613.70 and a two-hundred day moving average of $563.78. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $646.60.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the company earned $6.08 earnings per share. Parker-Hannifin’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, analysts predict that Parker-Hannifin Co. will post 26.68 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.05%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio is currently 29.92%.

About Parker-Hannifin

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 ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.