Rakuten Investment Management Inc. Buys 2,001 Shares of Parker-Hannifin Corporation $PH

Key Points

• Rakuten Investment Management increased its Parker-Hannifin stake by 9.7%, adding 2,001 shares to hold 22,631 shares valued at about $21.96 million at quarter-end.
• Parker-Hannifin reported quarterly EPS of $9.27, beating the $8.31 consensus, while revenue rose 9.8% year over year to $5.75 billion.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $1,146.35; the company also declared a quarterly dividend of $2 per share.

Rakuten Investment Management Inc. boosted its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 9.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,631 shares of the industrial products company's stock after acquiring an additional 2,001 shares during the period. Rakuten Investment Management Inc.'s holdings in Parker-Hannifin were worth $21,960,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Parker-Hannifin during the second quarter valued at approximately $10,163,362,000. Bank of America Corp DE acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $3,273,507,000. Deutsche Bank AG acquired a new stake in shares of Parker-Hannifin during the 2nd quarter worth about $987,587,000. Bank of New York Mellon Corp acquired a new stake in shares of Parker-Hannifin during the 2nd quarter worth about $712,222,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Parker-Hannifin during the 2nd quarter valued at about $305,628,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Price Performance

NYSE:PH opened at $910.09 on Thursday. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. The firm has a fifty day simple moving average of $951.20 and a 200 day simple moving average of $949.56. Parker-Hannifin Corporation has a 1-year low of $755.10 and a 1-year high of $1,099.94. The stock has a market capitalization of $114.77 billion, a PE ratio of 31.94, a P/E/G ratio of 2.63 and a beta of 1.15.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, beating analysts' consensus estimates of $8.31 by $0.96. The company had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $7.69 EPS. On average, research analysts expect that Parker-Hannifin Corporation will post 35.72 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 13th will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $8.00 annualized dividend and a dividend yield of 0.9%. Parker-Hannifin's dividend payout ratio is presently 28.08%.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Berend Bracht sold 602 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the completion of the sale, the vice president owned 4,399 shares in the company, valued at approximately $4,577,027.53. This trade represents a 12.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.35% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Susquehanna raised their price target on Parker-Hannifin from $1,100.00 to $1,250.00 and gave the company a "positive" rating in a report on Friday, August 7th. Raymond James Financial upped their price target on Parker-Hannifin from $1,050.00 to $1,250.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Citigroup upped their target price on shares of Parker-Hannifin from $1,232.00 to $1,234.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Argus increased their target price on shares of Parker-Hannifin from $1,030.00 to $1,200.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Finally, Sanford C. Bernstein lifted their price target on shares of Parker-Hannifin from $1,037.00 to $1,218.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $1,146.35.

Parker-Hannifin Profile

Parker-Hannifin Corporation is a diversified manufacturer of motion and control technologies and systems. The company serves aerospace, industrial, and other specialized markets with products designed to control the movement and flow of liquids and gases, as well as mechanical motion and power.

Its product portfolio includes hydraulic and pneumatic systems, filtration and process-control equipment, electromechanical technologies, sealing and shielding products, connectors, pumps, valves, and related components.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.