Raymond James Financial Services Advisors Inc. cut its stake in Parker-Hannifin Corporation (NYSE:PH) by 56.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,485 shares of the industrial products company’s stock after selling 20,416 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Parker-Hannifin Corporation were worth $2,476,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. IHT Wealth Management LLC boosted its holdings in Parker-Hannifin Corporation by 20.8% in the second quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock valued at $119,000 after purchasing an additional 20 shares during the period. Parallel Advisors LLC boosted its holdings in Parker-Hannifin Corporation by 4.1% in the second quarter. Parallel Advisors LLC now owns 612 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 24 shares during the period. Israel Discount Bank of New York boosted its holdings in Parker-Hannifin Corporation by 31.6% in the second quarter. Israel Discount Bank of New York now owns 625 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 150 shares during the period. Harbour Capital Advisors LLC purchased a new position in Parker-Hannifin Corporation in the first quarter valued at $112,000. Finally, BT Investment Management Ltd purchased a new position in Parker-Hannifin Corporation in the second quarter valued at $124,000. Hedge funds and other institutional investors own 79.37% of the company’s stock.
Parker-Hannifin Corporation (NYSE PH) opened at 184.83 on Friday. The company’s 50 day moving average price is $175.38 and its 200-day moving average price is $163.79. Parker-Hannifin Corporation has a 12-month low of $118.77 and a 12-month high of $185.52. The stock has a market cap of $24.61 billion, a price-to-earnings ratio of 25.49 and a beta of 1.42.
Parker-Hannifin Corporation (NYSE:PH) last released its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.14. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. Parker-Hannifin Corporation’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.90 earnings per share. On average, analysts forecast that Parker-Hannifin Corporation will post $9.14 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be paid a dividend of $0.66 per share. The ex-dividend date is Thursday, November 9th. This represents a $2.64 annualized dividend and a yield of 1.43%. Parker-Hannifin Corporation’s dividend payout ratio (DPR) is 36.51%.
PH has been the subject of a number of recent research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $176.00 target price on shares of Parker-Hannifin Corporation in a report on Thursday, July 6th. Wolfe Research initiated coverage on Parker-Hannifin Corporation in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $182.00 price target on the stock. BidaskClub cut Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC restated a “hold” rating and issued a $163.00 price target on shares of Parker-Hannifin Corporation in a research note on Thursday, August 3rd. Finally, Zacks Investment Research cut Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $182.21.
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In related news, VP Martin C. Maxwell sold 2,640 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $165.67, for a total transaction of $437,368.80. Following the sale, the vice president now owns 31,718 shares in the company, valued at $5,254,721.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph Scaminace sold 500 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $158.35, for a total transaction of $79,175.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,389 shares of company stock worth $878,913. 1.12% of the stock is owned by company insiders.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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