Cypress Capital Management LLC lowered its position in Parker-Hannifin Co. (NYSE:PH) by 15.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,290 shares of the industrial products company’s stock after selling 3,070 shares during the quarter. Cypress Capital Management LLC’s holdings in Parker-Hannifin were worth $5,454,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of PH. Norges Bank acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $794,592,000. Ceredex Value Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 1st quarter valued at about $122,656,000. Lazard Freres Gestion S.A.S. acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $97,944,000. Morgan Stanley raised its stake in shares of Parker-Hannifin by 49.3% in the 4th quarter. Morgan Stanley now owns 923,250 shares of the industrial products company’s stock valued at $251,502,000 after purchasing an additional 305,037 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $68,444,000. Institutional investors and hedge funds own 78.88% of the company’s stock.
Shares of Parker-Hannifin stock traded down $1.30 on Friday, hitting $301.86. The company had a trading volume of 5,540 shares, compared to its average volume of 882,934. The business has a 50-day simple moving average of $313.24. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.89. The stock has a market cap of $38.96 billion, a P/E ratio of 25.98, a PEG ratio of 1.74 and a beta of 1.79. Parker-Hannifin Co. has a 52 week low of $170.30 and a 52 week high of $324.68.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 4th. Investors of record on Friday, May 7th were paid a dividend of $1.03 per share. The ex-dividend date of this dividend was Thursday, May 6th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $0.88. This represents a $4.12 annualized dividend and a yield of 1.36%. Parker-Hannifin’s dividend payout ratio is currently 38.18%.
PH has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on shares of Parker-Hannifin from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Monday, April 12th. JPMorgan Chase & Co. boosted their price objective on shares of Parker-Hannifin from $283.00 to $288.00 and gave the company a “neutral” rating in a research report on Wednesday, April 14th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $331.00 price objective for the company. in a research report on Tuesday, March 16th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price objective on shares of Parker-Hannifin from $305.00 to $340.00 in a research report on Tuesday, March 16th. Finally, Argus upped their target price on shares of Parker-Hannifin from $310.00 to $345.00 and gave the stock a “buy” rating in a research report on Wednesday, May 5th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $324.14.
In related news, VP Mark T. Czaja sold 653 shares of the stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $310.82, for a total transaction of $202,965.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark J. Hart sold 7,611 shares of the stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $319.95, for a total transaction of $2,435,139.45. Following the sale, the executive vice president now directly owns 33,085 shares of the company’s stock, valued at $10,585,545.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,806 shares of company stock valued at $9,452,769. Company insiders own 1.47% of the company’s stock.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; 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; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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