The Manufacturers Life Insurance Company Sells 29,774 Shares of Parker-Hannifin Co. (NYSE:PH)

The Manufacturers Life Insurance Company lowered its position in shares of Parker-Hannifin Co. (NYSE:PH) by 7.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 345,541 shares of the industrial products company’s stock after selling 29,774 shares during the quarter. The Manufacturers Life Insurance Company owned 0.27% of Parker-Hannifin worth $219,774,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PH. Vanguard Group Inc. lifted its position in shares of Parker-Hannifin by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock worth $6,903,962,000 after acquiring an additional 111,406 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Parker-Hannifin by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock worth $1,699,580,000 after purchasing an additional 99,261 shares in the last quarter. Invesco Ltd. lifted its holdings in Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock worth $1,591,810,000 after purchasing an additional 198,292 shares in the last quarter. Norges Bank purchased a new stake in Parker-Hannifin during the 4th quarter worth about $1,106,132,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Parker-Hannifin by 17.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,600,842 shares of the industrial products company’s stock worth $1,018,185,000 after purchasing an additional 237,634 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $597.00 on Tuesday. The company has a market capitalization of $76.85 billion, a PE ratio of 24.71, a PEG ratio of 2.85 and a beta of 1.39. The business has a fifty day moving average price of $605.53 and a 200-day moving average price of $646.60. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 1.21%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, May 9th. Parker-Hannifin’s dividend payout ratio is 29.80%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PH. Stifel Nicolaus dropped their price objective on Parker-Hannifin from $691.00 to $564.00 and set a “hold” rating on the stock in a report on Monday, April 14th. UBS Group reduced their price objective on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Wells Fargo & Company increased their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. KeyCorp reduced their price target on Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, StockNews.com lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $705.35.

Parker-Hannifin Company Profile

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.