Empire Life Investments Inc. Reduces Position in Parker-Hannifin Corp (PH)

Empire Life Investments Inc. trimmed its holdings in shares of Parker-Hannifin Corp (NYSE:PH) by 0.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,415 shares of the industrial products company’s stock after selling 108 shares during the quarter. Empire Life Investments Inc.’s holdings in Parker-Hannifin were worth $5,906,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in Parker-Hannifin by 9.6% in the third quarter. JPMorgan Chase & Co. now owns 2,942,573 shares of the industrial products company’s stock valued at $541,228,000 after purchasing an additional 258,502 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Parker-Hannifin by 0.4% in the third quarter. Bank of New York Mellon Corp now owns 950,375 shares of the industrial products company’s stock valued at $174,804,000 after purchasing an additional 4,249 shares during the last quarter. CI Investments Inc. grew its stake in Parker-Hannifin by 91.9% in the third quarter. CI Investments Inc. now owns 279,677 shares of the industrial products company’s stock valued at $51,441,000 after purchasing an additional 133,963 shares during the last quarter. First Republic Investment Management Inc. grew its stake in Parker-Hannifin by 12.6% in the third quarter. First Republic Investment Management Inc. now owns 4,302 shares of the industrial products company’s stock valued at $791,000 after purchasing an additional 480 shares during the last quarter. Finally, BlueMountain Capital Management LLC grew its stake in Parker-Hannifin by 2,425.1% in the third quarter. BlueMountain Capital Management LLC now owns 12,752 shares of the industrial products company’s stock valued at $2,345,000 after purchasing an additional 12,247 shares during the last quarter. 81.42% of the stock is currently owned by hedge funds and other institutional investors.

In other Parker-Hannifin news, VP Andrew M. Weeks sold 4,520 shares of the business’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $176.70, for a total value of $798,684.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Roger S. Sherrard sold 2,040 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $171.80, for a total value of $350,472.00. Following the completion of the transaction, the vice president now directly owns 62,620 shares of the company’s stock, valued at $10,758,116. The disclosure for this sale can be found here. Insiders have sold 9,519 shares of company stock valued at $1,664,040 in the last ninety days. Corporate insiders own 1.12% of the company’s stock.

Several equities research analysts have weighed in on PH shares. Citigroup raised their price target on Parker-Hannifin from $178.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday. Morgan Stanley set a $179.00 price target on Parker-Hannifin and gave the stock a “hold” rating in a report on Friday, May 3rd. Stifel Nicolaus raised their price target on Parker-Hannifin from $171.00 to $182.00 and gave the stock a “hold” rating in a report on Tuesday, April 16th. Barclays raised their price target on Parker-Hannifin from $178.00 to $186.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Finally, Robert W. Baird set a $180.00 price target on Parker-Hannifin and gave the stock a “buy” rating in a report on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $182.35.

Parker-Hannifin stock opened at $171.77 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.56 and a quick ratio of 1.07. Parker-Hannifin Corp has a 52 week low of $140.82 and a 52 week high of $193.19. The stock has a market cap of $23.27 billion, a P/E ratio of 16.48, a PEG ratio of 1.69 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $3.17 EPS for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.16. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company posted $2.80 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Parker-Hannifin Corp will post 11.65 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be issued a dividend of $0.88 per share. This is an increase 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 dividend on an annualized basis and a dividend yield of 2.05%. Parker-Hannifin’s payout ratio is 29.17%.

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About Parker-Hannifin

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.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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