Verition Fund Management LLC Purchases 5,458 Shares of Parker-Hannifin Co. (NYSE:PH)

Verition Fund Management LLC lifted its position in Parker-Hannifin Co. (NYSE:PHGet Rating) by 492.2% during the 1st quarter, HoldingsChannel reports. The firm owned 6,567 shares of the industrial products company’s stock after buying an additional 5,458 shares during the period. Verition Fund Management LLC’s holdings in Parker-Hannifin were worth $1,863,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Successful Portfolios LLC increased its stake in Parker-Hannifin by 3.2% in the first quarter. Successful Portfolios LLC now owns 1,201 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 37 shares during the last quarter. CVA Family Office LLC boosted its position in Parker-Hannifin by 25.7% during the first quarter. CVA Family Office LLC now owns 220 shares of the industrial products company’s stock valued at $62,000 after buying an additional 45 shares during the period. 180 Wealth Advisors LLC boosted its position in Parker-Hannifin by 3.6% during the first quarter. 180 Wealth Advisors LLC now owns 1,306 shares of the industrial products company’s stock valued at $370,000 after buying an additional 45 shares during the period. Mayflower Financial Advisors LLC boosted its position in Parker-Hannifin by 6.8% during the first quarter. Mayflower Financial Advisors LLC now owns 727 shares of the industrial products company’s stock valued at $206,000 after buying an additional 46 shares during the period. Finally, TFG Advisers LLC boosted its position in Parker-Hannifin by 2.3% during the first quarter. TFG Advisers LLC now owns 2,059 shares of the industrial products company’s stock valued at $584,000 after buying an additional 47 shares during the period. Institutional investors own 82.65% of the company’s stock.

Parker-Hannifin Trading Down 2.8 %

Shares of PH stock opened at $260.10 on Monday. Parker-Hannifin Co. has a 12-month low of $230.44 and a 12-month high of $340.00. The company has a current ratio of 2.06, a quick ratio of 1.68 and a debt-to-equity ratio of 1.10. The firm’s 50 day moving average is $277.11 and its 200 day moving average is $272.57. The stock has a market capitalization of $33.40 billion, a P/E ratio of 25.80, a P/E/G ratio of 1.58 and a beta of 1.57.

Parker-Hannifin (NYSE:PHGet Rating) last issued its earnings results on Thursday, August 4th. The industrial products company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.49. Parker-Hannifin had a net margin of 8.29% and a return on equity of 27.81%. The company had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.07 billion. During the same quarter last year, the company posted $4.38 earnings per share. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. Research analysts expect that Parker-Hannifin Co. will post 18.34 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Monday, August 29th were paid a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Friday, August 26th. Parker-Hannifin’s dividend payout ratio is presently 52.78%.

Insider Transactions at Parker-Hannifin

In other news, VP Andrew D. Ross sold 3,224 shares of Parker-Hannifin stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $296.30, for a total transaction of $955,271.20. Following the transaction, the vice president now owns 9,840 shares in the company, valued at approximately $2,915,592. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.47% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the subject of several analyst reports. TheStreet lowered shares of Parker-Hannifin from a “b” rating to a “c+” rating in a research report on Thursday, August 4th. Barclays increased their target price on shares of Parker-Hannifin to $340.00 in a report on Tuesday, August 9th. Stifel Nicolaus dropped their target price on shares of Parker-Hannifin from $343.00 to $283.00 in a report on Monday, July 18th. Credit Suisse Group increased their target price on shares of Parker-Hannifin to $361.00 in a report on Tuesday, August 9th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Parker-Hannifin from $336.00 to $274.00 and set a “hold” rating for the company in a research note on Wednesday, July 13th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $333.00.

Parker-Hannifin Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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