Assenagon Asset Management S.A. Sells 81,488 Shares of Parker-Hannifin Co. (NYSE:PH)

Assenagon Asset Management S.A. cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 356,638 shares of the industrial products company's stock after selling 81,488 shares during the period. Assenagon Asset Management S.A. owned approximately 0.28% of Parker-Hannifin worth $216,782,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Whipplewood Advisors LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $32,000. Finally, Kestra Investment Management LLC bought a new stake in Parker-Hannifin in the 4th quarter worth about $40,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Trading Down 2.0%

Parker-Hannifin stock traded down $13.14 during trading hours on Friday, reaching $653.73. The stock had a trading volume of 682,749 shares, compared to its average volume of 705,108. The stock has a market cap of $83.53 billion, a PE ratio of 27.06, a PEG ratio of 2.85 and a beta of 1.34. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The company has a fifty day simple moving average of $628.39 and a 200-day simple moving average of $644.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the firm earned $6.51 EPS. The company's revenue was down 2.2% on a year-over-year basis. Analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.10%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PH. Citigroup reduced their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research note on Friday, May 16th. Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research note on Monday, June 2nd. Finally, KeyCorp increased their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $719.71.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is currently owned by corporate insiders.

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.