Banyan Capital Management Inc. decreased its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,337 shares of the industrial products company's stock after selling 765 shares during the quarter. Parker-Hannifin comprises about 7.3% of Banyan Capital Management Inc.'s portfolio, making the stock its 5th biggest holding. Banyan Capital Management Inc.'s holdings in Parker-Hannifin were worth $12,970,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in PH. First Manhattan CO. LLC. increased 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 valued at $1,005,000 after buying an additional 15 shares during the period. Becker Capital Management Inc. grew its stake in Parker-Hannifin by 3.4% during the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after purchasing an additional 16 shares during the period. Citizens National Bank Trust Department grew its stake in Parker-Hannifin by 8.5% during the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock worth $132,000 after purchasing an additional 17 shares during the period. Sunbelt Securities Inc. grew its stake in Parker-Hannifin by 1.6% during the first quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after purchasing an additional 18 shares during the period. Finally, Ellevest Inc. grew its stake in Parker-Hannifin by 5.7% during the fourth quarter. Ellevest Inc. now owns 351 shares of the industrial products company's stock worth $223,000 after purchasing an additional 19 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on PH shares. Stifel Nicolaus increased their price target on Parker-Hannifin from $670.00 to $709.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Citigroup reiterated a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday. Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Evercore ISI increased their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average target price of $739.12.
Read Our Latest Analysis on Parker-Hannifin
Insider Transactions at Parker-Hannifin
In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is owned by corporate insiders.
Parker-Hannifin Stock Performance
NYSE:PH traded up $1.31 during trading hours on Wednesday, reaching $709.95. The stock had a trading volume of 435,375 shares, compared to its average volume of 690,115. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The stock has a 50 day simple moving average of $677.83 and a 200 day simple moving average of $647.31. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $720.90. The stock has a market cap of $90.72 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 3.05 and a beta of 1.34.
Parker-Hannifin (NYSE:PH - Get Free Report) last released 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 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the business posted $6.51 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.
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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