Carderock Capital Management Inc. increased its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 16.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,212 shares of the industrial products company's stock after buying an additional 3,220 shares during the quarter. Parker-Hannifin comprises 3.0% of Carderock Capital Management Inc.'s portfolio, making the stock its 5th largest position. Carderock Capital Management Inc.'s holdings in Parker-Hannifin were worth $10,694,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the stock. Webster Bank N. A. boosted its holdings in Parker-Hannifin by 65.1% in the fourth quarter. Webster Bank N. A. now owns 241 shares of the industrial products company's stock valued at $111,000 after purchasing an additional 95 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in Parker-Hannifin by 2.5% in the fourth quarter. DAVENPORT & Co LLC now owns 4,443 shares of the industrial products company's stock valued at $2,047,000 after purchasing an additional 108 shares during the last quarter. Princeton Global Asset Management LLC boosted its holdings in Parker-Hannifin by 2.3% in the fourth quarter. Princeton Global Asset Management LLC now owns 3,190 shares of the industrial products company's stock valued at $1,470,000 after purchasing an additional 72 shares during the last quarter. Drive Wealth Management LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at about $261,000. Finally, Oak Thistle LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at about $1,318,000. Institutional investors and hedge funds own 82.44% of the company's stock.
Analyst Ratings Changes
A number of research analysts have commented on PH shares. KeyCorp increased their target price on Parker-Hannifin from $500.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, February 2nd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $551.00 target price on shares of Parker-Hannifin in a report on Tuesday, January 2nd. TD Cowen raised Parker-Hannifin from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Stifel Nicolaus increased their target price on Parker-Hannifin from $588.00 to $629.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Evercore ISI raised their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an "outperform" rating in a report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $511.31.
Read Our Latest Analysis on Parker-Hannifin
Parker-Hannifin Stock Performance
PH traded down $2.92 during trading hours on Thursday, hitting $555.65. The company's stock had a trading volume of 610,222 shares, compared to its average volume of 602,180. Parker-Hannifin Co. has a fifty-two week low of $308.26 and a fifty-two week high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $71.35 billion, a PE ratio of 27.51, a PEG ratio of 2.02 and a beta of 1.52. The company has a 50-day simple moving average of $527.01 and a 200 day simple moving average of $459.15.
Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period last year, the firm earned $4.76 EPS. The firm's revenue for the quarter was up 3.1% on a year-over-year basis. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 24.2 EPS for the current year.
Parker-Hannifin Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 1.07%. The ex-dividend date was Thursday, February 8th. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.31%.
Insider Activity
In related news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,079 shares of company stock worth $6,099,566. 1.03% of the stock is owned by company insiders.
About Parker-Hannifin
(
Free Report)
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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