Patton Fund Management Inc. Trims Stake in Parker-Hannifin Co. (NYSE:PH)

Patton Fund Management Inc. lowered its position in Parker-Hannifin Co. (NYSE:PH) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,361 shares of the industrial products company’s stock after selling 1,914 shares during the quarter. Patton Fund Management Inc.’s holdings in Parker-Hannifin were worth $3,867,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Parker-Hannifin by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock worth $6,903,962,000 after buying an additional 111,406 shares during the period. Geode Capital Management LLC increased its stake in Parker-Hannifin by 3.9% in 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 buying an additional 99,261 shares during the period. Invesco Ltd. increased its stake in Parker-Hannifin by 8.6% in the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock worth $1,591,810,000 after buying an additional 198,292 shares during the period. Royal Bank of Canada increased its stake in Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock worth $1,448,241,000 after buying an additional 1,137,564 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Parker-Hannifin by 9.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company’s stock worth $1,282,294,000 after buying an additional 172,064 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Stock Up 1.2%

NYSE:PH opened at $661.66 on Tuesday. The company’s 50-day simple moving average is $631.16 and its 200-day simple moving average is $643.49. The stock has a market capitalization of $84.55 billion, a P/E ratio of 27.39, a P/E/G ratio of 2.85 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping 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 for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the business earned $6.51 EPS. On average, equities analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.09%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.72%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Evercore ISI increased their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. KeyCorp increased their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley assumed coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin 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.