Clark Capital Management Group Inc. Sells 58,300 Shares of Parker-Hannifin Co. (NYSE:PH)

Clark Capital Management Group Inc. reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 20.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,466 shares of the industrial products company's stock after selling 58,300 shares during the quarter. Parker-Hannifin accounts for 1.0% of Clark Capital Management Group Inc.'s portfolio, making the stock its 17th largest position. Clark Capital Management Group Inc. owned about 0.17% of Parker-Hannifin worth $140,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Whipplewood Advisors LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $30,000. Bank of New Hampshire acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $35,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on PH. UBS Group decreased their price target on Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating on the stock in a report on Friday, January 31st. Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Barclays decreased their price target on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Stifel Nicolaus raised their price target on Parker-Hannifin from $564.00 to $630.00 and gave the company a "hold" rating in a report on Friday, May 2nd. Finally, Citigroup decreased their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average price target of $710.12.

Parker-Hannifin Stock Up 3.2%

Shares of NYSE:PH traded up $20.82 during trading on Monday, hitting $668.41. 1,083,431 shares of the company's stock traded hands, compared to its average volume of 722,640. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. 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 company has a market cap of $85.41 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. The company has a 50-day moving average price of $598.40 and a 200-day moving average price of $645.61.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the business posted $6.51 EPS. The business's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be issued a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.08%. Parker-Hannifin's payout ratio is presently 27.72%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.39% of the stock is owned by insiders.

Parker-Hannifin Company 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.