Avantax Advisory Services Inc. reduced its holdings in Parker-Hannifin Co. (NYSE:PH – Get Rating) by 6.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,463 shares of the industrial products company’s stock after selling 160 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Parker-Hannifin were worth $597,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of PH. Cetera Advisor Networks LLC lifted its holdings in Parker-Hannifin by 8.1% in the first quarter. Cetera Advisor Networks LLC now owns 1,496 shares of the industrial products company’s stock valued at $425,000 after buying an additional 112 shares during the period. Panagora Asset Management Inc. lifted its holdings in Parker-Hannifin by 69.8% in the first quarter. Panagora Asset Management Inc. now owns 3,869 shares of the industrial products company’s stock valued at $1,098,000 after buying an additional 1,591 shares during the period. Prudential PLC bought a new stake in Parker-Hannifin in the first quarter valued at approximately $687,000. Moors & Cabot Inc. increased its stake in Parker-Hannifin by 270.8% in the first quarter. Moors & Cabot Inc. now owns 2,718 shares of the industrial products company’s stock valued at $771,000 after purchasing an additional 1,985 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Parker-Hannifin by 2.0% in the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock valued at $2,794,892,000 after purchasing an additional 190,889 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on PH shares. Morgan Stanley started coverage on shares of Parker-Hannifin in a research note on Friday, January 6th. They issued an “equal weight” rating and a $311.00 target price for the company. StockNews.com downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Friday, November 4th. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $334.00 to $336.00 and gave the company a “buy” rating in a research note on Friday. Citigroup increased their price objective on shares of Parker-Hannifin to $320.00 in a research report on Thursday, November 17th. Finally, Mizuho increased their price objective on shares of Parker-Hannifin from $300.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, January 13th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $327.09.
Parker-Hannifin Stock Performance
Parker-Hannifin (NYSE:PH – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The industrial products company reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.15 by $0.59. The firm had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $3.95 billion. Parker-Hannifin had a net margin of 7.67% and a return on equity of 28.26%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $4.26 earnings per share. Research analysts forecast that Parker-Hannifin Co. will post 19.12 EPS for the current fiscal year.
Parker-Hannifin Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Monday, November 14th were paid a $1.33 dividend. This represents a $5.32 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Thursday, November 10th. Parker-Hannifin’s dividend payout ratio is currently 55.36%.
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 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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