Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 122.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,473 shares of the industrial products company’s stock after buying an additional 3,010 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Parker-Hannifin were worth $958,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Parker-Hannifin by 1.0% during the second quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock worth $1,397,867,000 after purchasing an additional 90,732 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Parker-Hannifin by 3.6% during the second quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock worth $1,352,775,000 after purchasing an additional 298,047 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Parker-Hannifin by 28.5% during the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after purchasing an additional 1,336,541 shares in the last quarter. Longview Partners Guernsey LTD lifted its stake in shares of Parker-Hannifin by 5.4% during the third quarter. Longview Partners Guernsey LTD now owns 5,413,458 shares of the industrial products company’s stock worth $947,463,000 after purchasing an additional 278,500 shares in the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in shares of Parker-Hannifin by 10.2% during the second quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock worth $336,317,000 after purchasing an additional 194,858 shares in the last quarter. 78.24% of the stock is owned by institutional investors.
Several research analysts recently commented on PH shares. Credit Suisse Group boosted their price target on Parker-Hannifin from $205.00 to $206.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. BMO Capital Markets reissued a “buy” rating and issued a $200.00 price objective on shares of Parker-Hannifin in a report on Friday, October 20th. ValuEngine raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Citigroup boosted their price objective on Parker-Hannifin from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $183.00 target price on shares of Parker-Hannifin in a report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the stock. Parker-Hannifin presently has an average rating of “Buy” and an average target price of $188.95.
Shares of Parker-Hannifin Corp (NYSE PH) traded up $5.00 during trading hours on Thursday, hitting $191.33. The stock had a trading volume of 1,102,732 shares, compared to its average volume of 993,163. Parker-Hannifin Corp has a one year low of $139.49 and a one year high of $191.38. The firm has a market cap of $24,554.90, a P/E ratio of 21.16, a PEG ratio of 1.66 and a beta of 1.40. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.44 and a quick ratio of 0.95.
Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.22. The company had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.31 billion. Parker-Hannifin had a return on equity of 23.61% and a net margin of 8.37%. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 earnings per share. research analysts expect that Parker-Hannifin Corp will post 9.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 10th were issued a $0.66 dividend. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.38%. Parker-Hannifin’s payout ratio is currently 33.93%.
In other Parker-Hannifin news, Director Linda S. Harty sold 3,491 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $183.30, for a total transaction of $639,900.30. Following the completion of the sale, the director now directly owns 9,727 shares in the company, valued at $1,782,959.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas C. Gentile sold 326 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $181.89, for a total transaction of $59,296.14. The disclosure for this sale can be found here. Insiders sold 24,320 shares of company stock valued at $4,370,641 in the last 90 days. Corporate insiders own 1.12% of the company’s stock.
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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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