Cerity Partners LLC Sells 591 Shares of Parker-Hannifin Corporation (NYSE:PH)

Cerity Partners LLC trimmed its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,430 shares of the industrial products company's stock after selling 591 shares during the period. Cerity Partners LLC's holdings in Parker-Hannifin were worth $34,301,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PH. Allworth Financial LP increased its holdings in Parker-Hannifin by 6.9% in the 1st quarter. Allworth Financial LP now owns 514 shares of the industrial products company's stock valued at $307,000 after acquiring an additional 33 shares during the last quarter. Capital Insight Partners LLC increased its holdings in Parker-Hannifin by 3.4% in the 1st quarter. Capital Insight Partners LLC now owns 1,359 shares of the industrial products company's stock valued at $826,000 after acquiring an additional 45 shares during the last quarter. Leavell Investment Management Inc. increased its holdings in Parker-Hannifin by 3.2% in the 1st quarter. Leavell Investment Management Inc. now owns 4,118 shares of the industrial products company's stock valued at $2,503,000 after acquiring an additional 129 shares during the last quarter. Main Street Research LLC increased its holdings in shares of Parker-Hannifin by 2.9% in the 1st quarter. Main Street Research LLC now owns 54,903 shares of the industrial products company's stock worth $33,373,000 after buying an additional 1,533 shares during the last quarter. Finally, Bridges Investment Management Inc. increased its holdings in shares of Parker-Hannifin by 1.6% in the 1st quarter. Bridges Investment Management Inc. now owns 17,892 shares of the industrial products company's stock worth $10,876,000 after buying an additional 280 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Up 0.2%

Shares of PH traded up $1.31 during mid-day trading on Wednesday, hitting $709.95. The company's stock had a trading volume of 435,375 shares, compared to its average volume of 691,690. The company's 50-day moving average is $676.09 and its 200-day moving average is $646.87. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $720.90. The firm has a market capitalization of $90.72 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 3.06 and a beta of 1.34. 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 announced 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. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. 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 company earned $6.51 EPS. The company's revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Analyst Ratings Changes

PH has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $670.00 to $709.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Barclays lifted their price target on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research note on Friday, May 16th. Finally, Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average price target of $739.12.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred 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 transaction, the vice president owned 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.39% of the company's stock.

About Parker-Hannifin

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.