Handelsbanken Fonder AB Invests $2.90 Million in Parker-Hannifin Co. (NYSE:PH)

Handelsbanken Fonder AB purchased a new position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,776 shares of the industrial products company's stock, valued at approximately $2,903,000.

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 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $30,000. Mpwm Advisory Solutions LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $32,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $40,000. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Citigroup dropped their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Finally, KeyCorp boosted their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a report 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $719.71.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the company'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 directly owns 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Down 2.0%

PH stock traded down $13.14 during trading hours on Friday, hitting $653.73. The company's stock had a trading volume of 682,749 shares, compared to its average volume of 707,743. The stock has a 50 day moving average price of $628.39 and a two-hundred day moving average price of $644.55. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The company has a market capitalization of $83.53 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.51 EPS. On average, equities research analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

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

Parker-Hannifin 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.