OLD Dominion Capital Management Inc. lifted its holdings in Parker-Hannifin Corp (NYSE:PH) by 6.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,548 shares of the industrial products company’s stock after acquiring an additional 90 shares during the period. OLD Dominion Capital Management Inc.’s holdings in Parker-Hannifin were worth $278,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc raised its position in Parker-Hannifin by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 9,326,646 shares of the industrial products company’s stock worth $1,715,450,000 after purchasing an additional 99,942 shares during the period. BlackRock Inc. raised its position in Parker-Hannifin by 3.7% in the 4th quarter. BlackRock Inc. now owns 8,457,062 shares of the industrial products company’s stock worth $1,261,286,000 after purchasing an additional 299,331 shares during the period. Longview Partners Guernsey LTD raised its position in Parker-Hannifin by 41.6% in the 4th quarter. Longview Partners Guernsey LTD now owns 5,626,117 shares of the industrial products company’s stock worth $839,079,000 after purchasing an additional 1,653,011 shares during the period. JPMorgan Chase & Co. raised its position in Parker-Hannifin by 9.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,942,573 shares of the industrial products company’s stock worth $541,228,000 after purchasing an additional 258,502 shares during the period. Finally, Norges Bank purchased a new stake in Parker-Hannifin in the 4th quarter worth about $357,950,000. 81.32% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Parker-Hannifin from $178.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, May 6th. Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $171.00 to $182.00 and gave the stock a “hold” rating in a research report on Tuesday, April 16th. Morgan Stanley set a $179.00 price objective on shares of Parker-Hannifin and gave the stock a “hold” rating in a research report on Friday, May 3rd. Robert W. Baird set a $170.00 price objective on shares of Parker-Hannifin and gave the stock a “buy” rating in a research report on Friday, January 25th. Finally, Zacks Investment Research raised shares of Parker-Hannifin from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $182.35.
Parker-Hannifin (NYSE:PH) last issued 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. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a net margin of 10.04% and a return on equity of 26.27%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $2.80 earnings per share. Sell-side analysts anticipate that Parker-Hannifin Corp will post 11.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a dividend of $0.88 per share. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $0.76. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.15%. Parker-Hannifin’s dividend payout ratio (DPR) is 33.78%.
In related news, VP Roger S. Sherrard sold 2,040 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $171.80, for a total transaction of $350,472.00. Following the transaction, the vice president now directly owns 62,620 shares of the company’s stock, valued at $10,758,116. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Andrew M. Weeks sold 4,520 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $176.70, for a total transaction of $798,684.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,344 shares of company stock worth $1,288,355. Corporate insiders own 1.12% of the company’s stock.
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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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