Arizona State Retirement System Raises Stake in Parker-Hannifin Corporation (NYSE:PH)

Arizona State Retirement System increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,776 shares of the industrial products company's stock after acquiring an additional 678 shares during the period. Arizona State Retirement System's holdings in Parker-Hannifin were worth $22,962,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. HUB Investment Partners LLC lifted its stake in shares of Parker-Hannifin by 15.7% in the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock worth $4,960,000 after buying an additional 1,057 shares in the last quarter. SG Americas Securities LLC increased its holdings in Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after buying an additional 6,630 shares during the last quarter. Congress Wealth Management LLC DE increased its holdings in Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock valued at $29,135,000 after buying an additional 18,503 shares during the last quarter. Alley Investment Management Company LLC purchased a new stake in Parker-Hannifin during the first quarter valued at approximately $7,996,000. Finally, Washington Trust Bank increased its holdings in Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock valued at $9,881,000 after buying an additional 15,037 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm'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 sale, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.39% of the company's stock.

Parker-Hannifin Price Performance

NYSE:PH traded down $2.60 during trading hours on Monday, reaching $712.31. 345,030 shares of the company were exchanged, compared to its average volume of 694,143. The stock's 50-day moving average is $672.33 and its 200-day moving average is $645.96. The firm has a market cap of $91.02 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 3.07 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 Corporation has a twelve month low of $488.45 and a twelve month high of $720.90.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period in the prior year, the business earned $6.51 earnings per share. The company's quarterly revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal 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 paid a $1.80 dividend. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.01%. Parker-Hannifin's dividend payout ratio (DPR) is presently 27.72%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Evercore ISI upped their target price 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. KeyCorp boosted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Citigroup raised their target price on shares of Parker-Hannifin from $709.00 to $831.00 and gave the company a "buy" rating in a research note on Monday. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $735.88.

Parker-Hannifin 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.