Sumitomo Mitsui Trust Group Inc. Increases Stake in Parker-Hannifin Corporation (NYSE:PH)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 292,299 shares of the industrial products company's stock after buying an additional 1,284 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Parker-Hannifin worth $177,674,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Confluence Wealth Services Inc. purchased a new stake in Parker-Hannifin during the 1st quarter worth approximately $391,000. Heirloom Wealth Management grew its holdings in Parker-Hannifin by 3.7% during the 1st quarter. Heirloom Wealth Management now owns 15,803 shares of the industrial products company's stock worth $9,606,000 after acquiring an additional 570 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Parker-Hannifin by 1.6% during the 1st quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock worth $714,000 after acquiring an additional 18 shares in the last quarter. Vista Investment Partners II LLC grew its holdings in Parker-Hannifin by 0.6% during the 1st quarter. Vista Investment Partners II LLC now owns 5,805 shares of the industrial products company's stock worth $3,528,000 after acquiring an additional 37 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Parker-Hannifin by 5.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,102 shares of the industrial products company's stock worth $10,887,000 after acquiring an additional 973 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PH has been the subject of several analyst reports. Citigroup lowered their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays lowered their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Morgan Stanley initiated coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price target for the company. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Stock Up 1.3%

Shares of NYSE:PH opened at $700.97 on Friday. The stock has a market cap of $89.57 billion, a P/E ratio of 26.99, a P/E/G ratio of 3.27 and a beta of 1.34. The firm has a fifty day moving average price of $648.74 and a 200 day moving average price of $642.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.51 EPS. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.03%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is currently 27.72%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's stock in a transaction 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 completion of the transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is owned by company insiders.

About Parker-Hannifin

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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