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

Parker-Hannifin logo with Industrials background

M&T Bank Corp cut its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm 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 SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC purchased a new stake in Parker-Hannifin in the 4th quarter valued at $32,000. Olde Wealth Management LLC purchased a new stake in Parker-Hannifin in the 1st quarter valued at $35,000. Finally, Chilton Capital Management LLC raised its position in 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 buying an additional 60 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Mizuho set a $785.00 price target on Parker-Hannifin in a research report on Friday, May 16th. Citigroup lowered 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. Wells Fargo & Company increased 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. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Stifel Nicolaus upped their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday, June 2nd. 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 MarketBeat, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and a consensus target price of $723.82.

Get Our Latest Report on PH

Parker-Hannifin Stock Performance

Shares of PH stock traded up $0.99 on Wednesday, hitting $707.91. 377,867 shares of the stock were exchanged, compared to its average volume of 697,322. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $90.46 billion, a PE ratio of 27.26, a P/E/G ratio of 3.05 and a beta of 1.34. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $720.90. The firm's 50 day moving average is $666.26 and its two-hundred day moving average is $644.71.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share 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 return on equity of 26.80% and a net margin of 17.14%. The firm's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.51 EPS. Sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a dividend of $1.80 per share. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.02%. Parker-Hannifin's dividend payout ratio is 27.72%.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Profile

(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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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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