M&T Bank Corp Trims Position in Parker-Hannifin Corporation (NYSE:PH)

M&T Bank Corp reduced its position 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 Securities and Exchange Commission. The fund 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 reporting period.

Other institutional investors have also modified their holdings of the company. Stratos Wealth Partners LTD. lifted its position in Parker-Hannifin by 4.5% in the first quarter. Stratos Wealth Partners LTD. now owns 20,428 shares of the industrial products company's stock valued at $12,417,000 after acquiring an additional 888 shares during the last quarter. Stratos Investment Management LLC acquired a new position in Parker-Hannifin in the first quarter valued at $414,000. Washington Trust Bank increased its stake in Parker-Hannifin by 6.4% in the first quarter. Washington Trust Bank now owns 16,535 shares of the industrial products company's stock valued at $10,051,000 after purchasing an additional 1,000 shares during the period. Fullcircle Wealth LLC increased its stake in Parker-Hannifin by 18.6% in the first quarter. Fullcircle Wealth LLC now owns 369 shares of the industrial products company's stock valued at $220,000 after purchasing an additional 58 shares during the period. Finally, U.S. Capital Wealth Advisors LLC increased its stake in Parker-Hannifin by 4.7% in the first quarter. U.S. Capital Wealth Advisors LLC now owns 6,514 shares of the industrial products company's stock valued at $3,960,000 after purchasing an additional 294 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business's stock in a transaction 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 in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.39% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on PH shares. KeyCorp lifted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Citigroup dropped their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Barclays lifted their price objective on shares of Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research note on Wednesday. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Finally, Morgan Stanley boosted their price target on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $723.82.

Parker-Hannifin Price Performance

PH stock traded up $6.80 on Thursday, reaching $714.39. The company had a trading volume of 442,374 shares, compared to its average volume of 697,642. The company's fifty day moving average is $668.34 and its 200 day moving average is $645.14. The company has a market cap of $91.28 billion, a P/E ratio of 27.51, a PEG ratio of 3.04 and a beta of 1.34. 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 Corporation has a 1 year low of $488.45 and a 1 year high of $720.90.

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

Parker-Hannifin Increases Dividend

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

Parker-Hannifin 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.