Parker-Hannifin Co. (NYSE:PH) Shares Sold by LSV Asset Management

LSV Asset Management trimmed its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 30.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 900 shares of the industrial products company’s stock after selling 400 shares during the period. LSV Asset Management’s holdings in Parker-Hannifin were worth $500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PH. Norges Bank purchased a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $665,188,000. Alphinity Investment Management Pty Ltd increased its stake in shares of Parker-Hannifin by 42.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after purchasing an additional 336,370 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Parker-Hannifin by 3.7% during the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after purchasing an additional 25,060 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Parker-Hannifin by 11.8% during the 4th quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock worth $290,382,000 after purchasing an additional 66,331 shares in the last quarter. Finally, AMF Tjanstepension AB increased its stake in shares of Parker-Hannifin by 12.9% during the 1st quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after purchasing an additional 70,237 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’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 transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were 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 of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on PH. Raymond James began coverage on shares of Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 target price for the company. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Stifel Nicolaus reissued a “buy” rating and set a $629.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, July 2nd. Barclays lowered their price objective 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 boosted their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $567.81.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $537.90 on Monday. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The firm has a market capitalization of $69.14 billion, a P/E ratio of 25.35, a P/E/G ratio of 2.10 and a beta of 1.44. The company’s fifty day moving average price is $525.05 and its two-hundred day moving average price is $520.29.

Parker-Hannifin (NYSE:PH) last released its earnings results 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. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the previous year, the firm earned $5.93 EPS. The company’s revenue was up .3% on a year-over-year basis. On average, research analysts anticipate that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

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.