M&T Bank Corp Lowers Stake in Parker-Hannifin Corporation (NYSE:PH)

M&T Bank Corp trimmed its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.6% in the 1st quarter, according to the company in its most recent 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 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at $30,000. Mpwm Advisory Solutions LLC purchased a new stake in Parker-Hannifin during the 4th quarter worth about $32,000. Olde Wealth Management LLC purchased a new stake in shares of Parker-Hannifin in the 1st quarter valued at about $35,000. Finally, Chilton Capital Management LLC lifted its holdings in shares of Parker-Hannifin by 1,500.0% in 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 last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Up 1.4%

Parker-Hannifin stock traded up $9.73 during midday trading on Thursday, hitting $717.32. 151,036 shares of the company's stock were exchanged, compared to its average volume of 696,318. The company has a market cap of $91.66 billion, a PE ratio of 27.70, a P/E/G ratio of 3.04 and a beta of 1.34. The firm has a 50-day moving average of $668.34 and a two-hundred day moving average of $645.14. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $720.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the company earned $6.51 EPS. The business's revenue was down 2.2% on a year-over-year basis. As a group, analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Insiders Place Their Bets

In related news, VP Jay Reidy sold 150 shares of the company's 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PH has been the topic of several research analyst reports. KeyCorp boosted their price target on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Wells Fargo & Company lifted their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Evercore ISI boosted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday, June 2nd. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $723.82.

Parker-Hannifin Company 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.