Victory Capital Management Inc. Sells 38,956 Shares of Parker-Hannifin Corporation (NYSE:PH)

Victory Capital Management Inc. trimmed its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 47.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,086 shares of the industrial products company's stock after selling 38,956 shares during the period. Victory Capital Management Inc.'s holdings in Parker-Hannifin were worth $26,190,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin in the 4th quarter worth about $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at about $30,000. Mpwm Advisory Solutions LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at about $32,000. Olde Wealth Management LLC purchased a new position in Parker-Hannifin during the 1st quarter valued at about $35,000. Finally, Chilton Capital Management LLC grew its holdings in Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after buying an additional 60 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Trading Down 1.5%

Shares of Parker-Hannifin stock opened at $711.82 on Tuesday. The firm has a market capitalization of $90.96 billion, a price-to-earnings ratio of 27.41, a PEG ratio of 3.11 and a beta of 1.34. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $727.30. 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 stock has a 50 day moving average of $680.98 and a 200 day moving average of $648.72.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a dividend of $1.80 per share. 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%.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.39% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PH shares. Morgan Stanley boosted their target price on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Citigroup restated a "buy" rating and set a $831.00 target price (up previously from $709.00) on shares of Parker-Hannifin in a report on Monday, July 14th. Stifel Nicolaus upped their target price on Parker-Hannifin from $709.00 to $717.00 and gave the company a "hold" rating in a report on Monday. Barclays upped their price target on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Finally, Evercore ISI upped their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $739.59.

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.

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