Royal London Asset Management Ltd. trimmed its position in shares of Parker-Hannifin Corp (NYSE:PH) by 18.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,680 shares of the industrial products company’s stock after selling 11,141 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Parker-Hannifin were worth $8,185,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in PH. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Parker-Hannifin during the fourth quarter worth about $26,000. Dubuque Bank & Trust Co. increased its holdings in Parker-Hannifin by 97.5% in the first quarter. Dubuque Bank & Trust Co. now owns 158 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 78 shares in the last quarter. First Mercantile Trust Co. increased its holdings in Parker-Hannifin by 58.3% in the fourth quarter. First Mercantile Trust Co. now owns 190 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 70 shares in the last quarter. Athena Capital Advisors LLC bought a new stake in Parker-Hannifin in the fourth quarter worth approximately $32,000. Finally, Gemmer Asset Management LLC increased its holdings in Parker-Hannifin by 162.3% in the first quarter. Gemmer Asset Management LLC now owns 202 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 125 shares in the last quarter. 81.56% of the stock is currently owned by hedge funds and other institutional investors.
PH has been the subject of a number of research analyst reports. Robert W. Baird set a $180.00 target price on Parker-Hannifin and gave the stock a “buy” rating in a report on Saturday, February 2nd. Stifel Nicolaus cut Parker-Hannifin from a “buy” rating to a “hold” rating and reduced their price objective for the company from $181.00 to $171.00 in a research note on Friday, February 1st. Zacks Investment Research cut Parker-Hannifin from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. Morgan Stanley set a $172.00 price objective on Parker-Hannifin and gave the company a “hold” rating in a research note on Saturday, February 2nd. Finally, Barclays raised their price objective on Parker-Hannifin from $178.00 to $186.00 and gave the company an “overweight” rating in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. Parker-Hannifin currently has an average rating of “Hold” and an average target price of $181.24.
Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.01 by $0.16. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Parker-Hannifin had a return on equity of 25.82% and a net margin of 9.69%. Parker-Hannifin’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.80 earnings per share. As a group, research analysts predict that Parker-Hannifin Corp will post 11.65 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a dividend of $0.88 per share. This is a boost from Parker-Hannifin’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.52 annualized dividend and a dividend yield of 1.96%. Parker-Hannifin’s payout ratio is presently 29.17%.
In related news, VP Andrew M. Weeks sold 4,520 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $176.70, for a total transaction of $798,684.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Candy M. Obourn sold 926 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $162.18, for a total value of $150,178.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,445 shares of company stock worth $1,814,218. 1.12% of the stock is owned by 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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
Further Reading: Oversold
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