State of Alaska Department of Revenue grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH – Get Rating) by 2.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 18,430 shares of the industrial products company’s stock after acquiring an additional 355 shares during the quarter. State of Alaska Department of Revenue’s holdings in Parker-Hannifin were worth $4,534,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Mystic Asset Management Inc. purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $36,000. MCF Advisors LLC purchased a new stake in Parker-Hannifin in the 1st quarter worth about $35,000. Cyrus J. Lawrence LLC purchased a new stake in Parker-Hannifin in the 1st quarter worth about $35,000. FinTrust Capital Advisors LLC purchased a new stake in Parker-Hannifin in the 1st quarter worth about $35,000. Finally, City State Bank purchased a new stake in Parker-Hannifin in the 4th quarter worth about $42,000. 82.65% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms recently weighed in on PH. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Parker-Hannifin from $336.00 to $274.00 and set a “hold” rating on the stock in a research report on Wednesday, July 13th. KeyCorp reduced their price objective on shares of Parker-Hannifin from $385.00 to $335.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Bank of America started coverage on shares of Parker-Hannifin in a research report on Tuesday. They issued a “neutral” rating on the stock. The Goldman Sachs Group dropped their target price on shares of Parker-Hannifin from $346.00 to $287.00 and set a “buy” rating on the stock in a research note on Thursday, June 23rd. Finally, Credit Suisse Group upped their target price on shares of Parker-Hannifin to $361.00 in a research note on Tuesday, August 9th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $333.00.
Insider Buying and Selling at Parker-Hannifin
Parker-Hannifin Price Performance
NYSE PH opened at $258.63 on Thursday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.68 and a current ratio of 2.06. The firm’s 50 day moving average price is $277.92 and its 200-day moving average price is $272.10. Parker-Hannifin Co. has a 52-week low of $230.44 and a 52-week high of $340.00. The company has a market cap of $33.21 billion, a PE ratio of 25.66, a P/E/G ratio of 1.61 and a beta of 1.57.
Parker-Hannifin (NYSE:PH – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The industrial products company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.49. The firm had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $4.07 billion. Parker-Hannifin had a net margin of 8.29% and a return on equity of 27.81%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period last year, the firm earned $4.38 earnings per share. Sell-side analysts forecast that Parker-Hannifin Co. will post 18.34 EPS for the current fiscal year.
Parker-Hannifin Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Monday, August 29th were paid a $1.33 dividend. The ex-dividend date of this dividend was Friday, August 26th. This represents a $5.32 annualized dividend and a yield of 2.06%. Parker-Hannifin’s dividend payout ratio (DPR) is 52.78%.
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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