Jennison Associates LLC lowered its position in Parker-Hannifin Corp (NYSE:PH) by 2.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 748,516 shares of the industrial products company’s stock after selling 22,461 shares during the quarter. Jennison Associates LLC owned 0.58% of Parker-Hannifin worth $127,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in PH. Thoroughbred Financial Services LLC increased its stake in shares of Parker-Hannifin by 17,582.8% in the second quarter. Thoroughbred Financial Services LLC now owns 511,563 shares of the industrial products company’s stock valued at $51,156,000 after buying an additional 508,670 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Parker-Hannifin by 52.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 596,840 shares of the industrial products company’s stock valued at $102,434,000 after purchasing an additional 205,670 shares during the period. First Trust Advisors LP increased its position in Parker-Hannifin by 268.3% during the 2nd quarter. First Trust Advisors LP now owns 263,063 shares of the industrial products company’s stock valued at $44,723,000 after purchasing an additional 191,644 shares during the period. Cornerstone Investment Partners LLC increased its position in Parker-Hannifin by 108.3% during the 2nd quarter. Cornerstone Investment Partners LLC now owns 335,164 shares of the industrial products company’s stock valued at $56,981,000 after purchasing an additional 174,233 shares during the period. Finally, Carillon Tower Advisers Inc. acquired a new stake in Parker-Hannifin during the 1st quarter valued at approximately $22,890,000. 81.55% of the stock is owned by institutional investors.
In other news, VP Robert W. Malone sold 336 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $156.76, for a total transaction of $52,671.36. Following the completion of the sale, the vice president now owns 24,260 shares of the company’s stock, valued at approximately $3,802,997.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.12% of the company’s stock.
Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $3.31 EPS for the quarter, topping the consensus estimate of $3.09 by $0.22. The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.69 billion. Parker-Hannifin had a net margin of 10.56% and a return on equity of 26.11%. The company’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.22 EPS. As a group, sell-side analysts expect that Parker-Hannifin Corp will post 11.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Tuesday, August 27th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.70%.
A number of analysts have weighed in on the stock. Wells Fargo & Co downgraded shares of Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 target price for the company. in a research report on Wednesday, July 10th. Zacks Investment Research downgraded shares of Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 target price for the company. in a research report on Wednesday, July 17th. JPMorgan Chase & Co. downgraded shares of Parker-Hannifin from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $186.00 to $169.00 in a research report on Wednesday, July 10th. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $164.00 to $176.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, Bank of America downgraded shares of Parker-Hannifin from a “buy” rating to a “neutral” rating in a research report on Friday, July 12th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. Parker-Hannifin has an average rating of “Hold” and an average price target of $176.55.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; 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; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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