Artemis Investment Management LLP Sells 11,450 Shares of Parker-Hannifin Corporation (NYSE:PH)

Artemis Investment Management LLP cut its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 8.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,322 shares of the industrial products company's stock after selling 11,450 shares during the quarter. Parker-Hannifin accounts for approximately 1.2% of Artemis Investment Management LLP's holdings, making the stock its 22nd largest position. Artemis Investment Management LLP owned approximately 0.10% of Parker-Hannifin worth $76,177,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $25,000. Millstone Evans Group LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin in the 4th quarter worth $32,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after buying an additional 45 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president now owns 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Trading Up 2.9%

Shares of NYSE:PH opened at $693.22 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The firm has a market capitalization of $88.58 billion, a P/E ratio of 26.69, a P/E/G ratio of 3.14 and a beta of 1.34. The business's 50-day moving average is $645.95 and its 200 day moving average is $642.48. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. Parker-Hannifin's revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm posted $6.51 EPS. On average, research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. The ex-dividend date of this dividend was 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 1.04%. Parker-Hannifin's dividend payout ratio is currently 27.72%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PH. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Argus set a $680.00 price target on shares of Parker-Hannifin in a report on Tuesday, May 6th. Evercore ISI increased their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Citigroup dropped their target price on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, KeyCorp upped their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and an average price target of $719.71.

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.

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