Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Pacific Heights Asset Management LLC

Pacific Heights Asset Management LLC lessened its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 32.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,000 shares of the industrial products company's stock after selling 25,000 shares during the quarter. Parker-Hannifin makes up approximately 2.2% of Pacific Heights Asset Management LLC's investment portfolio, making the stock its 8th largest position. Pacific Heights Asset Management LLC's holdings in Parker-Hannifin were worth $32,216,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin during the fourth quarter valued at $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $30,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth approximately $32,000. Meeder Asset Management Inc. grew its stake 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 worth $42,000 after purchasing an additional 45 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Parker-Hannifin in the fourth quarter worth approximately $48,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Trading Up 1.1%

Shares of PH stock opened at $719.15 on Friday. 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 company has a market capitalization of $91.89 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 3.07 and a beta of 1.34. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $720.90. The company has a 50-day simple moving average of $659.57 and a two-hundred day simple moving average of $643.46.

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, beating the consensus estimate of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $6.51 earnings per share. Research analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued 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 dividend yield of 1.00%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is 27.72%.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value 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. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PH shares. Citigroup reduced their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company 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. Wells Fargo & Company boosted their target price on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $719.41.

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.

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