Parker-Hannifin Corporation (NYSE:PH) Position Cut by World Equity Group Inc.

World Equity Group Inc. reduced its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 890 shares of the industrial products company's stock after selling 610 shares during the period. World Equity Group Inc.'s holdings in Parker-Hannifin were worth $547,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Whipplewood Advisors LLC bought a new position in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC acquired a new stake in Parker-Hannifin during the 4th quarter valued at approximately $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was 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 directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup cut their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Morgan Stanley began coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price objective on the stock. Wall Street Zen lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Barclays dropped their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, KeyCorp increased their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $719.71.

Parker-Hannifin Price Performance

PH stock traded down $0.56 on Friday, reaching $651.73. 864,165 shares of the company's stock were exchanged, compared to its average volume of 702,624. The stock has a fifty day moving average of $636.98 and a 200-day moving average of $642.20. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The firm has a market cap of $83.28 billion, a PE ratio of 25.10, a P/E/G ratio of 3.04 and a beta of 1.34. 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 issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $6.51 earnings per share. As a group, equities analysts predict 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. Investors of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Friday, May 9th. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 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.