Parker-Hannifin Corporation $PH Shares Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. boosted its stake in Parker-Hannifin Corporation (NYSE:PH) by 9.7% in the third quarter, Holdings Channel reports. The firm owned 22,631 shares of the industrial products company’s stock after purchasing an additional 2,001 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Parker-Hannifin were worth $21,960,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Parker-Hannifin during the second quarter valued at approximately $10,163,362,000. State Street Corp grew its holdings in shares of Parker-Hannifin by 0.5% during the 2nd quarter. State Street Corp now owns 9,385,389 shares of the industrial products company’s stock valued at $9,180,037,000 after purchasing an additional 42,548 shares during the last quarter. Bank of America Corp DE acquired a new position in Parker-Hannifin during the 2nd quarter worth approximately $3,273,507,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Parker-Hannifin by 2.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,032,942 shares of the industrial products company’s stock valued at $1,010,341,000 after purchasing an additional 25,167 shares during the last quarter. Finally, Deutsche Bank AG bought a new stake in shares of Parker-Hannifin during the second quarter worth $987,587,000. 82.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 602 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the completion of the transaction, the vice president directly owned 4,399 shares of the company’s stock, valued at $4,577,027.53. This represents a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.35% of the company’s stock.

Analyst Ratings Changes

PH has been the topic of a number of research reports. UBS Group set a $950.00 target price on shares of Parker-Hannifin in a report on Wednesday, October 14th. BMO Capital Markets reiterated an “outperform” rating and issued a $1,214.00 price target (up from $1,068.00) on shares of Parker-Hannifin in a research report on Friday, August 7th. KeyCorp increased their target price on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $1,100.00 to $1,275.00 in a research note on Friday, August 7th. Finally, Mizuho set a $1,200.00 price target on Parker-Hannifin in a report on Thursday, October 15th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $1,146.35.

Parker-Hannifin Trading Down 3.7%

Shares of Parker-Hannifin stock opened at $910.09 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26. Parker-Hannifin Corporation has a 52 week low of $755.10 and a 52 week high of $1,099.94. The stock has a 50 day moving average price of $951.20 and a two-hundred day moving average price of $949.56. The stock has a market capitalization of $114.77 billion, a PE ratio of 31.94, a price-to-earnings-growth ratio of 2.63 and a beta of 1.15.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 earnings per share for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The firm had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the company posted $7.69 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts anticipate that Parker-Hannifin Corporation will post 35.72 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 13th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Parker-Hannifin’s payout ratio is currently 28.08%.

About Parker-Hannifin

Parker-Hannifin Corporation is a diversified manufacturer of motion and control technologies and systems. The company serves aerospace, industrial, and other specialized markets with products designed to control the movement and flow of liquids and gases, as well as mechanical motion and power.

Its product portfolio includes hydraulic and pneumatic systems, filtration and process-control equipment, electromechanical technologies, sealing and shielding products, connectors, pumps, valves, and related components.