Sound Income Strategies LLC Sells 701 Shares of Parker-Hannifin Co. (NYSE:PH)

Sound Income Strategies LLC lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 35.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,270 shares of the industrial products company’s stock after selling 701 shares during the quarter. Sound Income Strategies LLC’s holdings in Parker-Hannifin were worth $772,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $1,106,132,000. GAMMA Investing LLC lifted its stake in Parker-Hannifin by 66,111.8% in the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock worth $1,054,870,000 after purchasing an additional 1,732,791 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Parker-Hannifin by 116,370.3% during the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after buying an additional 1,139,265 shares during the period. Royal Bank of Canada grew its stake in shares of Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after buying an additional 1,137,564 shares during the last quarter. Finally, Capital World Investors purchased a new position in shares of Parker-Hannifin in the fourth quarter worth about $418,174,000. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is owned by insiders.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $653.73 on Monday. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The firm has a market capitalization of $83.53 billion, a P/E ratio of 27.06, a P/E/G ratio of 2.85 and a beta of 1.34. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $628.39 and a two-hundred day simple moving average of $643.77.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Parker-Hannifin’s revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $6.51 EPS. On average, equities analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Analysts Set New Price Targets

A number of equities analysts have commented on PH shares. Barclays decreased their price target on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Citigroup dropped their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research report on Monday, June 2nd. Finally, KeyCorp upped their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $719.71.

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.