Private Advisor Group LLC Sells 7,195 Shares of Parker-Hannifin Co. (NYSE:PH)

Private Advisor Group LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 63.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,172 shares of the industrial products company's stock after selling 7,195 shares during the period. Private Advisor Group LLC's holdings in Parker-Hannifin were worth $1,922,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Summit Trail Advisors LLC lifted its holdings in Parker-Hannifin by 31.8% in the fourth quarter. Summit Trail Advisors LLC now owns 1,667 shares of the industrial products company's stock valued at $768,000 after buying an additional 402 shares during the period. Connecticut Wealth Management LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $1,123,000. TCG Advisory Services LLC bought a new position in shares of Parker-Hannifin in the 4th quarter worth $462,000. Red Cedar Investment Management LLC grew its stake in shares of Parker-Hannifin by 31.7% during the fourth quarter. Red Cedar Investment Management LLC now owns 9,420 shares of the industrial products company's stock worth $4,340,000 after purchasing an additional 2,265 shares during the period. Finally, Legacy Financial Advisors Inc. increased its holdings in Parker-Hannifin by 11.7% in the fourth quarter. Legacy Financial Advisors Inc. now owns 812 shares of the industrial products company's stock valued at $374,000 after purchasing an additional 85 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PH shares. Mizuho boosted their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a "neutral" rating in a report on Friday, May 3rd. KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an "overweight" rating in a report on Thursday, April 11th. Evercore ISI raised their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 20th. Argus increased their target price on Parker-Hannifin from $550.00 to $590.00 and gave the stock a "buy" rating in a research note on Monday, May 6th. Finally, Wells Fargo & Company cut their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an "overweight" rating on the stock in a research note on Monday, May 6th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $548.53.

Parker-Hannifin Stock Performance

PH stock traded down $9.75 during trading hours on Monday, hitting $551.38. 548,647 shares of the stock were exchanged, compared to its average volume of 598,681. The company has a 50-day simple moving average of $547.17 and a two-hundred day simple moving average of $490.41. The firm has a market capitalization of $70.87 billion, a P/E ratio of 25.98, a P/E/G ratio of 1.93 and a beta of 1.51. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion for the quarter, compared to analysts' expectations of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business's revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm earned $5.93 earnings per share. On average, analysts forecast that Parker-Hannifin Co. will post 24.79 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.48. Parker-Hannifin's dividend payout ratio is 30.73%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 572 shares of the business's stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company's stock, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company's stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares of the company's stock, valued at approximately $2,305,170. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Company 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.