Moran Wealth Management LLC Sells 3,273 Shares of Parker-Hannifin Corporation (NYSE:PH)

Moran Wealth Management LLC decreased its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,338 shares of the industrial products company's stock after selling 3,273 shares during the period. Parker-Hannifin accounts for approximately 1.8% of Moran Wealth Management LLC's investment portfolio, making the stock its 2nd largest position. Moran Wealth Management LLC owned 0.07% of Parker-Hannifin worth $53,088,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. FFT Wealth Management LLC boosted its stake in shares of Parker-Hannifin by 1.3% in the fourth quarter. FFT Wealth Management LLC now owns 1,150 shares of the industrial products company's stock valued at $732,000 after purchasing an additional 15 shares during the period. GenTrust LLC boosted its position in Parker-Hannifin by 2.9% in the 4th quarter. GenTrust LLC now owns 524 shares of the industrial products company's stock valued at $333,000 after buying an additional 15 shares during the period. First Manhattan CO. LLC. grew its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after acquiring an additional 15 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Parker-Hannifin by 1.5% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock worth $689,000 after acquiring an additional 16 shares during the period. Finally, Becker Capital Management Inc. raised its stake in shares of Parker-Hannifin by 3.4% in the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock valued at $307,000 after acquiring an additional 16 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley assumed coverage on Parker-Hannifin in a research report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price target on the stock. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Stifel Nicolaus upped their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research report on Monday, June 2nd. Finally, Citigroup cut their target price on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus target price of $719.71.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now directly owns 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $11.42 during midday trading on Tuesday, hitting $675.64. 605,947 shares of the stock were exchanged, compared to its average volume of 785,282. The stock has a market cap of $86.33 billion, a P/E ratio of 26.02, a PEG ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a 50 day moving average price of $638.88 and a 200-day moving average price of $641.97. 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 data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. The firm 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 company's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $6.51 EPS. 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders 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 was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin's dividend payout ratio (DPR) is 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.