Sumitomo Mitsui Trust Holdings Inc. Sells 97,286 Shares of Parker-Hannifin Co. (NYSE:PH)

Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH) by 18.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 433,273 shares of the industrial products company’s stock after selling 97,286 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.34% of Parker-Hannifin worth $240,809,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Nvest Financial LLC bought a new stake in Parker-Hannifin in the 1st quarter valued at about $321,000. West Oak Capital LLC purchased a new position in shares of Parker-Hannifin in the first quarter valued at $370,000. Applied Capital LLC FL lifted its holdings in Parker-Hannifin by 2.0% during the 1st quarter. Applied Capital LLC FL now owns 6,404 shares of the industrial products company’s stock worth $3,559,000 after purchasing an additional 126 shares in the last quarter. Congress Wealth Management LLC DE bought a new position in Parker-Hannifin in the 1st quarter worth about $12,540,000. Finally, Miracle Mile Advisors LLC increased its position in shares of Parker-Hannifin by 7.9% during the first quarter. Miracle Mile Advisors LLC now owns 709 shares of the industrial products company’s stock valued at $394,000 after buying an additional 52 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

PH stock opened at $512.14 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $65.83 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 1.98 and a beta of 1.44. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15. The firm’s 50-day moving average price is $529.47 and its two-hundred day moving average price is $516.93.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $5.93 EPS. As a group, equities analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were issued a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.27%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Jay Reidy sold 572 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

PH has been the topic of a number of recent analyst reports. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $629.00 target price on shares of Parker-Hannifin in a research note on Tuesday. Barclays cut their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Bank of America increased their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $569.69.

About Parker-Hannifin

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.