Wedge Capital Management L L P NC Has $10.08 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Wedge Capital Management L L P NC reduced its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,581 shares of the industrial products company's stock after selling 660 shares during the period. Wedge Capital Management L L P NC's holdings in Parker-Hannifin were worth $10,079,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Whipplewood Advisors LLC acquired a new position in Parker-Hannifin during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin in the fourth quarter worth $25,000. Millstone Evans Group LLC acquired a new position in Parker-Hannifin in the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin in the fourth quarter worth $32,000. Finally, Kestra Investment Management LLC acquired a new position in Parker-Hannifin in the fourth quarter worth $40,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the firm'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 sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.1%

NYSE:PH traded up $0.72 during mid-day trading on Wednesday, reaching $671.65. The stock had a trading volume of 511,784 shares, compared to its average volume of 708,667. The business's 50 day moving average is $623.09 and its 200 day moving average is $645.18. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The stock has a market cap of $85.82 billion, a P/E ratio of 27.80, a PEG ratio of 2.85 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its 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. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the prior year, the business earned $6.51 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.07%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PH. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Finally, Morgan Stanley began coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

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.