Raleigh Capital Management Inc. Sells 381 Shares of Parker-Hannifin Corporation (NYSE:PH)

Raleigh Capital Management Inc. cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 17.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,804 shares of the industrial products company's stock after selling 381 shares during the period. Raleigh Capital Management Inc.'s holdings in Parker-Hannifin were worth $1,097,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HUB Investment Partners LLC raised its stake in shares of Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after purchasing an additional 1,057 shares during the period. SG Americas Securities LLC raised its stake in shares of Parker-Hannifin by 27.2% in the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after purchasing an additional 6,630 shares during the period. Congress Wealth Management LLC DE raised its stake in shares of Parker-Hannifin by 67.8% in the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock valued at $29,135,000 after purchasing an additional 18,503 shares during the period. Alley Investment Management Company LLC acquired a new stake in shares of Parker-Hannifin in the 1st quarter valued at about $7,996,000. Finally, Washington Trust Bank raised its stake in shares of Parker-Hannifin by 3,019.5% in the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock valued at $9,881,000 after purchasing an additional 15,037 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on PH. Stifel Nicolaus lifted their price target on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday, June 2nd. Argus set a $680.00 target price on Parker-Hannifin in a report on Tuesday, May 6th. Mizuho set a $785.00 target price on Parker-Hannifin in a report on Friday, May 16th. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Finally, Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $723.82.

Parker-Hannifin Price Performance

Shares of PH stock traded up $6.80 during trading on Thursday, hitting $714.39. The company had a trading volume of 442,369 shares, compared to its average volume of 697,424. 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 firm has a market capitalization of $91.28 billion, a P/E ratio of 27.51, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. The stock's 50-day moving average price is $668.34 and its 200 day moving average price is $645.14. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $720.90.

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 for the quarter, topping 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 analysts' expectations of $4.99 billion. During the same period in the prior year, the company earned $6.51 earnings per share. The company's quarterly revenue was down 2.2% on a year-over-year basis. Equities analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

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