Parker-Hannifin Corporation (NYSE:PH) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,397 shares of the industrial products company's stock after selling 5,588 shares during the period. M&T Bank Corp's holdings in Parker-Hannifin were worth $25,772,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. raised its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after purchasing an additional 15 shares during the last quarter. Becker Capital Management Inc. raised its stake in shares of Parker-Hannifin by 3.4% in the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after purchasing an additional 16 shares during the last quarter. Northwest Wealth Management LLC raised its stake in shares of Parker-Hannifin by 3.0% in the fourth quarter. Northwest Wealth Management LLC now owns 578 shares of the industrial products company's stock worth $367,000 after purchasing an additional 17 shares during the last quarter. Citizens National Bank Trust Department raised its stake in shares of Parker-Hannifin by 8.5% in the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after purchasing an additional 17 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of Parker-Hannifin by 1.6% in the first quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after purchasing an additional 18 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded up $0.83 on Friday, reaching $715.13. The company's stock had a trading volume of 340,174 shares, compared to its average volume of 696,218. The company has a market capitalization of $91.38 billion, a P/E ratio of 27.54, a PEG ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $720.90. The stock has a 50-day moving average price of $670.41 and a 200-day moving average price of $645.62. 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 issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates 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 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. Analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PH shares. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. 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 report on Tuesday, July 1st. Stifel Nicolaus lifted their price target on Parker-Hannifin from $670.00 to $709.00 and gave the company a "hold" rating in a research report on Friday. Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Finally, Citigroup reduced their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus price target of $726.12.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred 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 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 0.39% of the stock is owned by corporate insiders.

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.