Nippon Life Insurance Co. lowered its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 16.4% during the first quarter, Holdings Channel reports. The fund owned 11,022 shares of the industrial products company’s stock after selling 2,160 shares during the period. Nippon Life Insurance Co.’s holdings in Parker-Hannifin Corp were worth $1,767,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Retirement Systems of Alabama boosted its position in Parker-Hannifin Corp by 1.9% in the first quarter. Retirement Systems of Alabama now owns 64,432 shares of the industrial products company’s stock valued at $10,330,000 after buying an additional 1,206 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Parker-Hannifin Corp during the first quarter valued at $362,000. Quantitative Systematic Strategies LLC boosted its position in Parker-Hannifin Corp by 290.4% in the first quarter. Quantitative Systematic Strategies LLC now owns 14,613 shares of the industrial products company’s stock valued at $2,343,000 after buying an additional 10,870 shares during the last quarter. DnB Asset Management AS boosted its position in Parker-Hannifin Corp by 14.9% in the first quarter. DnB Asset Management AS now owns 18,465 shares of the industrial products company’s stock valued at $2,960,000 after buying an additional 2,400 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. boosted its position in Parker-Hannifin Corp by 2,615.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 3,530 shares of the industrial products company’s stock valued at $566,000 after buying an additional 3,400 shares during the last quarter. 82.72% of the stock is owned by hedge funds and other institutional investors.
Shares of Parker-Hannifin Corp (NYSE:PH) traded down 0.48% during mid-day trading on Friday, hitting $156.31. 1,053,920 shares of the stock were exchanged. The stock’s 50-day moving average price is $157.95 and its 200-day moving average price is $143.80. The company has a market cap of $20.84 billion, a P/E ratio of 24.11 and a beta of 1.28. Parker-Hannifin Corp has a 52-week low of $99.10 and a 52-week high of $163.14.
Parker-Hannifin Corp (NYSE:PH) last announced its earnings results on Thursday, February 2nd. The industrial products company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.52. Parker-Hannifin Corp had a net margin of 7.86% and a return on equity of 20.08%. The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter in the previous year, the company posted $1.52 EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. Equities research analysts anticipate that Parker-Hannifin Corp will post $7.53 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Wednesday, May 10th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is Monday, May 8th. This represents a $2.64 annualized dividend and a yield of 1.69%. Parker-Hannifin Corp’s dividend payout ratio (DPR) is presently 40.80%.
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Several research firms have recently weighed in on PH. BMO Capital Markets reissued a “buy” rating and set a $175.00 price objective on shares of Parker-Hannifin Corp in a report on Thursday. Barclays PLC reissued an “equal weight” rating and set a $148.00 price objective (down from $158.00) on shares of Parker-Hannifin Corp in a report on Wednesday. Jefferies Group LLC reissued a “sell” rating on shares of Parker-Hannifin Corp in a report on Friday, April 14th. Credit Suisse Group AG set a $169.00 price objective on shares of Parker-Hannifin Corp and gave the company a “buy” rating in a report on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of Parker-Hannifin Corp from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a report on Monday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $157.75.
In other Parker-Hannifin Corp news, VP William G. Eline sold 5,586 shares of Parker-Hannifin Corp stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $157.71, for a total transaction of $880,968.06. Following the sale, the vice president now owns 15,543 shares of the company’s stock, valued at approximately $2,451,286.53. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jon P. Marten sold 7,913 shares of Parker-Hannifin Corp stock in a transaction on Monday, February 27th. The stock was sold at an average price of $155.68, for a total transaction of $1,231,895.84. Following the sale, the executive vice president now directly owns 44,413 shares in the company, valued at approximately $6,914,215.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,184 shares of company stock worth $6,675,032. 2.73% of the stock is currently owned by corporate insiders.
Parker-Hannifin Corp 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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