Parker-Hannifin Corporation (NYSE:PH) Shares Sold by CENTRAL TRUST Co

CENTRAL TRUST Co lessened its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 14.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,391 shares of the industrial products company's stock after selling 715 shares during the quarter. CENTRAL TRUST Co's holdings in Parker-Hannifin were worth $2,669,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Halbert Hargrove Global Advisors LLC purchased a new stake in Parker-Hannifin during the 1st quarter worth about $2,555,000. Robertson Stephens Wealth Management LLC increased its position in Parker-Hannifin by 3.9% during the 1st quarter. Robertson Stephens Wealth Management LLC now owns 1,185 shares of the industrial products company's stock worth $721,000 after purchasing an additional 45 shares in the last quarter. Strategic Advisors LLC grew its holdings in Parker-Hannifin by 1.6% in the 1st quarter. Strategic Advisors LLC now owns 6,517 shares of the industrial products company's stock valued at $3,961,000 after buying an additional 103 shares during the period. Grimes & Company Inc. grew its holdings in Parker-Hannifin by 7.7% in the 1st quarter. Grimes & Company Inc. now owns 461 shares of the industrial products company's stock valued at $280,000 after buying an additional 33 shares during the period. Finally, Sagespring Wealth Partners LLC grew its holdings in Parker-Hannifin by 23.4% in the 1st quarter. Sagespring Wealth Partners LLC now owns 1,825 shares of the industrial products company's stock valued at $1,109,000 after buying an additional 346 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Up 0.0%

PH stock traded up $0.24 during midday trading on Thursday, hitting $652.45. 478,188 shares of the company's stock were exchanged, compared to its average volume of 702,442. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a 50 day moving average price of $633.39 and a 200-day moving average price of $643.61. The stock has a market capitalization of $83.37 billion, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the business earned $6.51 EPS. The business's quarterly revenue was down 2.2% on a year-over-year basis. On average, analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's payout ratio is 27.72%.

Analysts Set New Price Targets

Several research firms have commented on PH. Evercore ISI lifted their price target on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Morgan Stanley started coverage on Parker-Hannifin in a research note on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price objective on the stock. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday, June 2nd. Argus set a $680.00 price objective on Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Barclays reduced their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $719.71.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business'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 transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.39% of the company's stock.

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.