Acadian Asset Management LLC purchased a new stake in Parker-Hannifin Corp. (NYSE:PH) during the second quarter, Holdings Channel reports. The firm purchased 2,059 shares of the company’s stock, valued at approximately $222,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. Beutel Goodman & Co Ltd. purchased a new position in Parker-Hannifin Corp. during the second quarter valued at approximately $103,826,000. Norges Bank purchased a new position in Parker-Hannifin Corp. during the fourth quarter valued at approximately $82,890,000. Anchor Bolt Capital LP purchased a new position in Parker-Hannifin Corp. during the first quarter valued at approximately $88,431,000. TIAA CREF Investment Management LLC raised its position in Parker-Hannifin Corp. by 77.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,070,886 shares of the company’s stock valued at $118,954,000 after buying an additional 467,089 shares in the last quarter. Finally, Thomaspartners Inc. raised its position in Parker-Hannifin Corp. by 7.9% in the first quarter. Thomaspartners Inc. now owns 957,533 shares of the company’s stock valued at $106,363,000 after buying an additional 70,038 shares in the last quarter. Institutional investors and hedge funds own 80.67% of the company’s stock.
Shares of Parker-Hannifin Corp. (NYSE:PH) traded down 1.64% during trading on Friday, hitting $121.93. 715,318 shares of the company’s stock were exchanged. The stock has a market cap of $16.33 billion, a PE ratio of 20.70 and a beta of 1.53. Parker-Hannifin Corp. has a 1-year low of $83.32 and a 1-year high of $125.00. The stock’s 50-day moving average price is $122.99 and its 200-day moving average price is $114.67.
Parker-Hannifin Corp. (NYSE:PH) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the prior year, the company posted $1.73 earnings per share. Parker-Hannifin Corp.’s revenue was down 6.0% compared to the same quarter last year. On average, equities analysts expect that Parker-Hannifin Corp. will post $6.80 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 29th were paid a $0.63 dividend. The ex-dividend date was Thursday, August 25th. This represents a $2.52 annualized dividend and a dividend yield of 2.07%. Parker-Hannifin Corp.’s dividend payout ratio (DPR) is presently 42.86%.
Several research analysts have recently commented on PH shares. Wells Fargo & Co. upgraded Parker-Hannifin Corp. from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 30th. JPMorgan Chase & Co. lowered Parker-Hannifin Corp. from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $110.00 to $98.00 in a research report on Monday, June 27th. Jefferies Group restated a “hold” rating on shares of Parker-Hannifin Corp. in a research report on Monday, September 12th. Zacks Investment Research lowered Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. Finally, Credit Suisse Group AG restated a “buy” rating and set a $131.00 price target on shares of Parker-Hannifin Corp. in a research report on Friday, August 5th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $113.75.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $124.51, for a total transaction of $1,748,493.93. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Kurt A. Keller sold 757 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $122.12, for a total transaction of $92,444.84. Following the sale, the vice president now owns 28,904 shares in the company, valued at $3,529,756.48. The disclosure for this sale can be found here. 2.53% of the stock is currently owned by corporate insiders.
About Parker-Hannifin Corp.
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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