Mattern Capital Management LLC Has $6.75 Million Holdings in Parker-Hannifin Corporation (NYSE:PH)

Mattern Capital Management LLC lessened its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 9.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,099 shares of the industrial products company's stock after selling 1,125 shares during the period. Mattern Capital Management LLC's holdings in Parker-Hannifin were worth $6,747,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whipplewood Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin in the 4th quarter worth about $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin in the 4th quarter worth about $30,000. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin in the 4th quarter worth about $32,000. Finally, Meeder Asset Management Inc. grew its position in Parker-Hannifin by 214.3% in 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 in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

PH has been the subject of a number of recent analyst reports. Citigroup reduced their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research report on Monday, June 2nd. Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $719.71.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is owned by insiders.

Parker-Hannifin Stock Up 1.7%

Parker-Hannifin stock opened at $675.64 on Wednesday. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The firm has a 50 day moving average price of $641.02 and a 200-day moving average price of $642.21. The company has a market capitalization of $86.33 billion, a P/E ratio of 26.02, a P/E/G ratio of 3.10 and a beta of 1.34. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. The company 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 17.14% and a return on equity of 26.80%. Parker-Hannifin's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $6.51 EPS. As a group, equities analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. The ex-dividend date was Friday, May 9th. 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 1.07%. Parker-Hannifin's dividend payout ratio (DPR) is 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.

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