Jennison Associates LLC Reduces Stake in Parker-Hannifin Corporation (NYSE:PH)

Jennison Associates LLC decreased its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,098 shares of the industrial products company's stock after selling 18,683 shares during the quarter. Jennison Associates LLC owned about 0.24% of Parker-Hannifin worth $187,277,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $1,106,132,000. GAMMA Investing LLC grew its position in Parker-Hannifin by 66,111.8% in the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock valued at $1,054,870,000 after acquiring an additional 1,732,791 shares during the last quarter. Royal Bank of Canada raised its stake in Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares in the last quarter. Capital World Investors bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $418,174,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Parker-Hannifin by 6,912.4% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock valued at $198,742,000 after acquiring an additional 308,016 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Trading Down 0.1%

Shares of PH traded down $0.73 during mid-day trading on Friday, reaching $722.53. The company's stock had a trading volume of 485,874 shares, compared to its average volume of 687,283. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $736.75. The stock has a market cap of $92.32 billion, a PE ratio of 27.82, a P/E/G ratio of 3.11 and a beta of 1.34. The company's fifty day moving average price is $679.48 and its two-hundred day moving average price is $647.91. 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 (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. 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 business posted $6.51 EPS. On average, analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of the company's 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 sale, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wells Fargo & Company lifted their price target on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Evercore ISI raised their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Mizuho set a $785.00 price objective on Parker-Hannifin in a research note on Friday, May 16th. Finally, Citigroup reissued a "buy" rating and issued a $831.00 price target (up from $709.00) on shares of Parker-Hannifin in a research note on Monday. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $739.12.

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.