JPMorgan Chase & Co. cut its stake in Parker-Hannifin Co. (NYSE:PH) by 9.0% during the 1st quarter, HoldingsChannel reports. The fund owned 5,007,691 shares of the industrial products company’s stock after selling 495,875 shares during the period. JPMorgan Chase & Co.’s holdings in Parker-Hannifin were worth $1,579,577,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC Private Wealth Group LLC raised its stake in shares of Parker-Hannifin by 15.8% in the 1st quarter. CIBC Private Wealth Group LLC now owns 5,485 shares of the industrial products company’s stock valued at $1,730,000 after purchasing an additional 747 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Parker-Hannifin by 0.5% during the first quarter. Panagora Asset Management Inc. now owns 114,981 shares of the industrial products company’s stock valued at $36,268,000 after buying an additional 616 shares in the last quarter. South State CORP. lifted its holdings in Parker-Hannifin by 4.4% during the 1st quarter. South State CORP. now owns 5,146 shares of the industrial products company’s stock worth $1,624,000 after buying an additional 215 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of Parker-Hannifin in the 1st quarter worth approximately $71,000. Finally, Norinchukin Bank The increased its holdings in shares of Parker-Hannifin by 1.7% in the 1st quarter. Norinchukin Bank The now owns 10,721 shares of the industrial products company’s stock valued at $3,382,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 78.88% of the company’s stock.
In related news, VP Mark T. Czaja sold 653 shares of the company’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $310.82, for a total value of $202,965.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Andrew D. Ross sold 3,928 shares of the firm’s stock in a transaction dated Friday, May 7th. The shares were sold at an average price of $320.04, for a total value of $1,257,117.12. Following the transaction, the vice president now owns 11,497 shares in the company, valued at $3,679,499.88. The disclosure for this sale can be found here. Insiders sold 29,806 shares of company stock worth $9,452,769 in the last 90 days. Corporate insiders own 1.47% of the company’s stock.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, April 29th. The industrial products company reported $4.11 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.33. Parker-Hannifin had a net margin of 11.34% and a return on equity of 25.33%. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $2.92 EPS. The company’s revenue was up 1.2% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin Co. will post 14.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 4th. Investors of record on Friday, May 7th were given a dividend of $1.03 per share. This is a boost from Parker-Hannifin’s previous quarterly dividend of $0.88. The ex-dividend date was Thursday, May 6th. This represents a $4.12 dividend on an annualized basis and a yield of 1.36%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 38.18%.
Several analysts have weighed in on PH shares. Zacks Investment Research lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $331.00 target price for the company. in a research note on Tuesday, March 16th. Vertical Research raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Monday, February 22nd. Morgan Stanley upped their target price on Parker-Hannifin from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Monday, April 12th. JPMorgan Chase & Co. raised their price target on Parker-Hannifin from $283.00 to $288.00 and gave the stock a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Finally, Argus boosted their price target on shares of Parker-Hannifin from $310.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, May 5th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Parker-Hannifin has an average rating of “Buy” and an average price target of $324.14.
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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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