Parker-Hannifin Co. (NYSE:PH) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its position in Parker-Hannifin Co. (NYSE:PH) by 34.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,135 shares of the industrial products company’s stock after selling 24,415 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Parker-Hannifin were worth $23,841,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sachetta LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $25,000. Addison Advisors LLC bought a new stake in Parker-Hannifin during the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC boosted its position in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares during the period. Newbridge Financial Services Group Inc. bought a new position in shares of Parker-Hannifin in the fourth quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin during the first quarter valued at $31,000. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PH shares. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Barclays decreased their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. TD Cowen boosted their target price on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday. Evercore ISI increased their price target on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Wells Fargo & Company boosted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $624.43.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $587.55 on Friday. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $601.30. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The stock has a market cap of $75.52 billion, a PE ratio of 27.69, a price-to-earnings-growth ratio of 2.32 and a beta of 1.43. The business has a fifty day simple moving average of $560.42 and a 200-day simple moving average of $544.51.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.08 EPS. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.65 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be given a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.11%. Parker-Hannifin’s payout ratio is 30.73%.

Parker-Hannifin 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 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.