Illinois Municipal Retirement Fund Trims Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Illinois Municipal Retirement Fund lessened its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 36.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,636 shares of the industrial products company's stock after selling 938 shares during the period. Illinois Municipal Retirement Fund's holdings in Parker-Hannifin were worth $994,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin in the fourth quarter worth approximately $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $30,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth $32,000. Meeder Asset Management Inc. increased its position in shares of Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after purchasing an additional 45 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Parker-Hannifin in the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a report on Tuesday. Morgan Stanley began coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price target on the stock. Finally, Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $719.41.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president directly owned 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 1.1%

NYSE PH traded up $7.69 during trading hours on Thursday, hitting $719.15. 360,526 shares of the company were exchanged, compared to its average volume of 697,327. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The firm has a market cap of $91.89 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 3.07 and a beta of 1.34. The company has a 50 day moving average of $657.13 and a two-hundred day moving average of $643.14. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $720.63.

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, topping analysts' consensus estimates 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 return on equity of 26.80% and a net margin of 17.14%. The business's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $6.51 earnings per share. Equities research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current 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 given 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 dividend yield of 1.00%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is 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.