Sumitomo Life Insurance Co. raised its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,150 shares of the industrial products company’s stock after buying an additional 470 shares during the period. Sumitomo Life Insurance Co.’s holdings in Parker-Hannifin Corporation were worth $1,782,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Two Sigma Securities LLC acquired a new position in Parker-Hannifin Corporation during the first quarter worth $785,000. Pillar Pacific Capital Management LLC raised its position in Parker-Hannifin Corporation by 3.8% in the first quarter. Pillar Pacific Capital Management LLC now owns 26,890 shares of the industrial products company’s stock worth $4,311,000 after buying an additional 980 shares during the period. Stifel Financial Corp raised its position in Parker-Hannifin Corporation by 2.8% in the first quarter. Stifel Financial Corp now owns 353,400 shares of the industrial products company’s stock worth $56,657,000 after buying an additional 9,777 shares during the period. UBS Asset Management Americas Inc. raised its position in Parker-Hannifin Corporation by 1.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 382,226 shares of the industrial products company’s stock worth $53,511,000 after buying an additional 5,348 shares during the period. Finally, Bank of Nova Scotia raised its position in Parker-Hannifin Corporation by 943.9% in the first quarter. Bank of Nova Scotia now owns 30,535 shares of the industrial products company’s stock worth $4,896,000 after buying an additional 27,610 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.
Parker-Hannifin Corporation (PH) opened at 155.15 on Friday. Parker-Hannifin Corporation has a 52 week low of $118.77 and a 52 week high of $167.50. The company has a market cap of $20.68 billion, a P/E ratio of 21.40 and a beta of 1.40. The stock has a 50 day moving average of $162.38 and a 200 day moving average of $158.39.
Parker-Hannifin Corporation (NYSE:PH) last issued its quarterly earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.14. The business had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The business’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.90 earnings per share. On average, analysts expect that Parker-Hannifin Corporation will post $9.07 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Monday, August 28th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $2.64 annualized dividend and a yield of 1.70%. Parker-Hannifin Corporation’s dividend payout ratio (DPR) is 36.51%.
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A number of research analysts have recently commented on the stock. Wolfe Research initiated coverage on shares of Parker-Hannifin Corporation in a research report on Tuesday, July 11th. They set an “outperform” rating and a $182.00 price target for the company. Credit Suisse Group set a $189.00 price objective on shares of Parker-Hannifin Corporation and gave the stock a “buy” rating in a report on Sunday, May 28th. BidaskClub raised shares of Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st. Zacks Investment Research downgraded shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $189.00 price target on shares of Parker-Hannifin Corporation in a research note on Friday, July 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. Parker-Hannifin Corporation currently has a consensus rating of “Buy” and a consensus target price of $168.69.
In other news, VP John G. Dedinsky, Jr. sold 2,530 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $160.98, for a total value of $407,279.40. Following the completion of the sale, the vice president now owns 21,753 shares in the company, valued at $3,501,797.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Martin C. Maxwell sold 2,850 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $160.08, for a total value of $456,228.00. Following the sale, the vice president now directly owns 21,968 shares of the company’s stock, valued at $3,516,637.44. The disclosure for this sale can be found here. 2.73% of the stock is owned by company insiders.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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