Patton Fund Management Inc. Sells 1,914 Shares of Parker-Hannifin Corporation (NYSE:PH)

Patton Fund Management Inc. trimmed its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 23.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,361 shares of the industrial products company's stock after selling 1,914 shares during the period. Patton Fund Management Inc.'s holdings in Parker-Hannifin were worth $3,867,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PH. Brighton Jones LLC raised its position in Parker-Hannifin by 5.9% in the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after purchasing an additional 101 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $32,781,000. Bank Pictet & Cie Europe AG raised its holdings in Parker-Hannifin by 0.8% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock valued at $4,617,000 after buying an additional 55 shares during the last quarter. Everhart Financial Group Inc. boosted its position in Parker-Hannifin by 1.9% during the 4th quarter. Everhart Financial Group Inc. now owns 968 shares of the industrial products company's stock worth $616,000 after buying an additional 18 shares during the period. Finally, Allworth Financial LP grew its holdings in Parker-Hannifin by 19.4% during the 4th quarter. Allworth Financial LP now owns 481 shares of the industrial products company's stock worth $325,000 after acquiring an additional 78 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the business's 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 transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Evercore ISI increased 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. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Truist Financial decreased their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, Morgan Stanley began coverage on shares of 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. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $719.71.

Parker-Hannifin Stock Up 0.0%

PH stock traded up $0.24 during trading on Wednesday, reaching $652.45. 478,188 shares of the stock were exchanged, compared to its average volume of 702,442. The firm's 50 day moving average is $632.27 and its 200 day moving average is $643.55. The firm has a market cap of $83.37 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 3.04 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 $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company posted $6.51 earnings per share. The company's quarterly revenue was down 2.2% on a year-over-year basis. As a group, research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced 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 1.10%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

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.