CIBC Asset Management Inc Has $12.52 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc boosted its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,677 shares of the industrial products company’s stock after buying an additional 895 shares during the quarter. CIBC Asset Management Inc’s holdings in Parker-Hannifin were worth $12,515,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $97,000. Creative Planning grew its position in shares of Parker-Hannifin by 9.9% in the third quarter. Creative Planning now owns 28,003 shares of the industrial products company’s stock valued at $17,693,000 after purchasing an additional 2,513 shares during the last quarter. First Citizens Bank & Trust Co. acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $222,000. OLD National Bancorp IN acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $330,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PH. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, February 8th. Argus boosted their price target on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. TD Cowen boosted their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. KeyCorp boosted their price target on Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target for the company in a research note on Thursday, December 12th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $729.18.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $694.13 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $664.75 and a two-hundred day moving average price of $641.55. Parker-Hannifin Co. has a 1-year low of $492.71 and a 1-year high of $718.44. The company has a market cap of $89.35 billion, a P/E ratio of 28.73, a PEG ratio of 2.84 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. As a group, analysts anticipate that Parker-Hannifin Co. will post 26.67 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. The ex-dividend date is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 0.94%. Parker-Hannifin’s payout ratio is currently 26.99%.

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.