Main Street Research LLC Has $33.37 Million Stake in Parker-Hannifin Corporation (NYSE:PH)

Main Street Research LLC grew its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,903 shares of the industrial products company's stock after acquiring an additional 1,533 shares during the period. Parker-Hannifin accounts for approximately 2.2% of Main Street Research LLC's holdings, making the stock its 20th largest position. Main Street Research LLC's holdings in Parker-Hannifin were worth $33,373,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PH. Brighton Jones LLC grew its holdings in shares of Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after acquiring an additional 101 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Parker-Hannifin by 0.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after purchasing an additional 55 shares during the period. SBI Securities Co. Ltd. bought a new position in Parker-Hannifin during the fourth quarter worth about $49,000. Proficio Capital Partners LLC grew its holdings in Parker-Hannifin by 83.1% during the fourth quarter. Proficio Capital Partners LLC now owns 1,793 shares of the industrial products company's stock worth $1,140,000 after purchasing an additional 814 shares during the period. Finally, Edgestream Partners L.P. bought a new position in Parker-Hannifin during the fourth quarter worth about $593,000. Institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

PH has been the subject of a number of research analyst reports. Citigroup reduced their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays lifted their price target on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday. Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $670.00 to $709.00 and gave the stock a "hold" rating in a report on Friday. Finally, Evercore ISI boosted their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $726.12.

Insider Buying and Selling

In other 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 directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. This represents 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 the SEC website. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Price Performance

Shares of PH stock traded up $0.83 during trading on Friday, hitting $715.13. The company had a trading volume of 340,176 shares, compared to its average volume of 695,966. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a market capitalization of $91.38 billion, a P/E ratio of 27.54, a price-to-earnings-growth ratio of 3.07 and a beta of 1.34. The stock's 50-day moving average price is $670.41 and its 200 day moving average price is $645.62. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $720.90.

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 (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The business 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%. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $6.51 earnings per share. Equities analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.01%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is currently 27.72%.

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.