South State CORP. lifted its position in Parker-Hannifin Co. (NYSE:PH) by 4.4% in the first quarter, Holdings Channel.com reports. The firm owned 5,146 shares of the industrial products company’s stock after purchasing an additional 215 shares during the quarter. South State CORP.’s holdings in Parker-Hannifin were worth $1,624,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. HighPoint Advisor Group LLC boosted its holdings in shares of Parker-Hannifin by 1.0% in the 1st quarter. HighPoint Advisor Group LLC now owns 3,373 shares of the industrial products company’s stock worth $1,083,000 after purchasing an additional 32 shares in the last quarter. BNC Wealth Management LLC lifted its stake in shares of Parker-Hannifin by 0.4% in the 4th quarter. BNC Wealth Management LLC now owns 8,711 shares of the industrial products company’s stock valued at $2,373,000 after acquiring an additional 34 shares during the last quarter. CAPROCK Group Inc. lifted its stake in shares of Parker-Hannifin by 4.6% in the 1st quarter. CAPROCK Group Inc. now owns 819 shares of the industrial products company’s stock valued at $258,000 after acquiring an additional 36 shares during the last quarter. BOKF NA lifted its stake in shares of Parker-Hannifin by 3.1% in the 1st quarter. BOKF NA now owns 1,335 shares of the industrial products company’s stock valued at $421,000 after acquiring an additional 40 shares during the last quarter. Finally, Alhambra Investment Partners LLC lifted its stake in shares of Parker-Hannifin by 2.2% in the 1st quarter. Alhambra Investment Partners LLC now owns 1,924 shares of the industrial products company’s stock valued at $607,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 78.88% of the company’s stock.
In other news, VP Andrew M. Weeks sold 3,996 shares of Parker-Hannifin stock in a transaction dated Friday, April 30th. The stock was sold at an average price of $312.72, for a total value of $1,249,629.12. Following the completion of the transaction, the vice president now owns 6,857 shares of the company’s stock, valued at approximately $2,144,321.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Andrew D. Ross sold 3,928 shares of the business’s stock in a transaction dated Friday, May 7th. The stock was sold at an average price of $320.04, for a total value of $1,257,117.12. Following the completion of the transaction, the vice president now directly owns 11,497 shares of the company’s stock, valued at approximately $3,679,499.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,806 shares of company stock valued at $9,452,769. 1.47% of the stock is owned by insiders.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, April 29th. The industrial products company reported $4.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.78 by $0.33. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a return on equity of 25.33% and a net margin of 11.34%. Parker-Hannifin’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.92 EPS. On average, sell-side analysts expect that Parker-Hannifin Co. will post 14.92 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 4th. Stockholders of record on Friday, May 7th were given a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, May 6th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $0.88. Parker-Hannifin’s payout ratio is currently 38.18%.
A number of equities research analysts have recently weighed in on PH shares. Morgan Stanley boosted their target price on Parker-Hannifin from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Monday, April 12th. Zacks Investment Research lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $331.00 price target for the company. in a research report on Tuesday, March 16th. Deutsche Bank Aktiengesellschaft upped their price target on Parker-Hannifin from $331.00 to $347.00 and gave the company a “buy” rating in a research report on Tuesday, April 13th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price target on Parker-Hannifin from $305.00 to $340.00 in a research report on Tuesday, March 16th. Finally, Vertical Research raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Monday, February 22nd. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus 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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