New York State Teachers Retirement System Lowers Stock Position in Parker-Hannifin Corporation (NYSE:PH)

New York State Teachers Retirement System cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 107,235 shares of the industrial products company's stock after selling 5,700 shares during the period. New York State Teachers Retirement System owned about 0.08% of Parker-Hannifin worth $65,183,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin during the 4th quarter worth approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin during the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at $32,000. Meeder Asset Management Inc. boosted its position in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Parker-Hannifin during the 4th quarter worth about $48,000. 82.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PH. Citigroup dropped their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Evercore ISI upped their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Finally, Stifel Nicolaus increased their price target on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Five research 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, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average price target of $719.41.

Insider Activity

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. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Performance

Shares of PH stock traded up $4.36 during trading on Wednesday, hitting $707.64. The company's stock had a trading volume of 95,631 shares, compared to its average volume of 695,704. The business has a fifty day moving average of $654.51 and a 200-day moving average of $642.67. The company has a market cap of $90.42 billion, a PE ratio of 27.25, a P/E/G ratio of 3.26 and a beta of 1.34. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $718.44. 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 (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 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 company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm earned $6.51 EPS. The firm's quarterly revenue was down 2.2% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders 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 payout ratio is presently 27.72%.

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.