Patton Fund Management Inc. decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH – Free Report) by 7.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,021 shares of the industrial products company’s stock after selling 696 shares during the quarter. Parker-Hannifin accounts for approximately 1.0% of Patton Fund Management Inc.’s portfolio, making the stock its 21st largest position. Patton Fund Management Inc.’s holdings in Parker-Hannifin were worth $3,519,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of PH. Arcadia Investment Management Corp MI grew its stake in shares of Parker-Hannifin by 233.3% during the first quarter. Arcadia Investment Management Corp MI now owns 100 shares of the industrial products company’s stock valued at $34,000 after buying an additional 70 shares during the last quarter. Coppell Advisory Solutions Corp. purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $41,000. Money Concepts Capital Corp lifted its position in Parker-Hannifin by 186.3% in the fourth quarter. Money Concepts Capital Corp now owns 146 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 95 shares during the last quarter. CoreCap Advisors LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $44,000. Finally, Pinnacle Bancorp Inc. boosted its holdings in shares of Parker-Hannifin by 92.3% during the first quarter. Pinnacle Bancorp Inc. now owns 150 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 72 shares during the period. 82.25% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $380.00 to $425.00 in a research note on Monday, July 10th. Mizuho upped their target price on Parker-Hannifin from $335.00 to $415.00 in a report on Friday, July 7th. Bank of America raised their target price on Parker-Hannifin from $395.00 to $435.00 in a research note on Friday, July 14th. Argus raised their price objective on Parker-Hannifin from $390.00 to $460.00 in a research report on Friday, August 4th. Finally, KeyCorp boosted their target price on shares of Parker-Hannifin from $450.00 to $460.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $436.29.
Insider Activity at Parker-Hannifin
In other news, CFO Todd M. Leombruno sold 5,002 shares of the stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $416.11, for a total value of $2,081,382.22. Following the completion of the sale, the chief financial officer now directly owns 11,656 shares of the company’s stock, valued at $4,850,178.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Todd M. Leombruno sold 5,002 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $416.11, for a total transaction of $2,081,382.22. Following the sale, the chief financial officer now owns 11,656 shares of the company’s stock, valued at $4,850,178.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark J. Hart sold 3,906 shares of Parker-Hannifin stock in a transaction on Friday, August 4th. The stock was sold at an average price of $417.60, for a total transaction of $1,631,145.60. Following the completion of the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at $2,949,508.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,918 shares of company stock worth $5,385,885. 1.37% of the stock is owned by company insiders.
Parker-Hannifin Stock Performance
Shares of NYSE PH traded down $2.32 during trading on Tuesday, reaching $393.54. 48,935 shares of the company traded hands, compared to its average volume of 834,072. The company has a quick ratio of 0.51, a current ratio of 0.88 and a debt-to-equity ratio of 0.85. The firm has a 50 day simple moving average of $406.23 and a 200-day simple moving average of $363.28. Parker-Hannifin Co. has a 52-week low of $235.69 and a 52-week high of $428.16. The stock has a market capitalization of $50.54 billion, a PE ratio of 24.74, a P/E/G ratio of 1.47 and a beta of 1.52.
Parker-Hannifin (NYSE:PH – Get Free Report) last posted its earnings results on Thursday, August 3rd. The industrial products company reported $6.08 EPS for the quarter, topping analysts’ consensus estimates of $5.48 by $0.60. The business had revenue of $5.10 billion during the quarter, compared to the consensus estimate of $5.01 billion. Parker-Hannifin had a net margin of 10.93% and a return on equity of 29.26%. The firm’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.16 EPS. Equities research analysts anticipate that Parker-Hannifin Co. will post 22.65 earnings per share for the current year.
Parker-Hannifin Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Monday, August 28th were given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Friday, August 25th. Parker-Hannifin’s payout ratio is 37.00%.
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 ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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