M&T Bank Corp lessened its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 42,397 shares of the industrial products company's stock after selling 5,588 shares during the quarter. M&T Bank Corp's holdings in Parker-Hannifin were worth $25,772,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in PH. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin during the 4th quarter worth about $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin during the 4th quarter valued at approximately $32,000. Olde Wealth Management LLC bought a new stake in Parker-Hannifin during the 1st quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC boosted its stake in Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the period. Institutional investors own 82.44% of the company's stock.
Parker-Hannifin Stock Performance
NYSE:PH opened at $707.40 on Wednesday. The stock has a market capitalization of $90.39 billion, a P/E ratio of 27.24, a price-to-earnings-growth ratio of 3.05 and a beta of 1.34. 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 Corporation has a 1 year low of $488.45 and a 1 year high of $720.90. The firm has a 50 day moving average of $666.26 and a 200-day moving average of $644.71.
Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data 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 firm 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.51 EPS. As a group, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.02%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is currently 27.72%.
Insider Activity
In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The stock was 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 directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.39% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
PH has been the subject of several recent analyst reports. Evercore ISI increased their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. KeyCorp increased their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Barclays decreased their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $719.41.
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Parker-Hannifin Company Profile
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Free Report)
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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