Vanguard Group Inc. lifted its stake in Parker-Hannifin Corp (NYSE:PH) by 0.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,509,944 shares of the industrial products company’s stock after acquiring an additional 21,622 shares during the quarter. Vanguard Group Inc. owned 7.41% of Parker-Hannifin worth $1,616,786,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Ibex Wealth Advisors acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $27,000. TRUE Private Wealth Advisors acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $34,000. HMS Capital Management LLC acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $36,000. Destination Wealth Management raised its holdings in shares of Parker-Hannifin by 254.3% in the 2nd quarter. Destination Wealth Management now owns 248 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 178 shares in the last quarter. Finally, Legacy Advisors LLC raised its holdings in shares of Parker-Hannifin by 121.0% in the 2nd quarter. Legacy Advisors LLC now owns 274 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 82.64% of the company’s stock.
In other Parker-Hannifin news, CEO Thomas L. Williams sold 32,109 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $180.68, for a total transaction of $5,801,454.12. Following the transaction, the chief executive officer now directly owns 130,176 shares of the company’s stock, valued at approximately $23,520,199.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Linda S. Harty acquired 3,000 shares of the stock in a transaction on Monday, August 26th. The shares were acquired at an average cost of $158.39 per share, for a total transaction of $475,170.00. Following the completion of the transaction, the director now directly owns 13,243 shares in the company, valued at approximately $2,097,558.77. The disclosure for this purchase can be found here. Insiders have sold a total of 59,234 shares of company stock worth $10,722,479 over the last three months. 1.12% of the stock is currently owned by insiders.
Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 1st. The industrial products company reported $3.31 EPS for the quarter, beating the Zacks’ consensus estimate of $3.09 by $0.22. Parker-Hannifin had a net margin of 10.56% and a return on equity of 26.11%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same period last year, the firm posted $3.22 EPS. The company’s revenue was down 3.6% on a year-over-year basis. On average, equities analysts expect that Parker-Hannifin Corp will post 11.95 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.99%. The ex-dividend date was Tuesday, August 27th. Parker-Hannifin’s payout ratio is currently 29.70%.
A number of brokerages have recently weighed in on PH. Zacks Investment Research lowered shares of Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 price objective on the stock. in a report on Wednesday, July 17th. JPMorgan Chase & Co. lowered shares of Parker-Hannifin from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $186.00 to $169.00 in a report on Wednesday, July 10th. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $164.00 to $176.00 and gave the company a “hold” rating in a report on Friday, August 2nd. Wells Fargo & Co downgraded shares of Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 target price on the stock. in a research report on Wednesday, July 10th. Finally, Morgan Stanley increased their target price on shares of Parker-Hannifin from $173.00 to $177.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $176.55.
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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
Read More: Catch-Up Contributions
Receive News & Ratings for Parker-Hannifin Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin and related companies with MarketBeat.com's FREE daily email newsletter.