Highland Capital Management LP Acquires 22,500 Shares of Parker-Hannifin Corp (PH)

Highland Capital Management LP grew its holdings in Parker-Hannifin Corp (NYSE:PH) by 52.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,510 shares of the industrial products company’s stock after acquiring an additional 22,500 shares during the period. Highland Capital Management LP’s holdings in Parker-Hannifin were worth $11,204,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PH. Boston Partners boosted its holdings in Parker-Hannifin by 95.7% during the first quarter. Boston Partners now owns 1,266,759 shares of the industrial products company’s stock worth $216,654,000 after buying an additional 619,359 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in Parker-Hannifin by 84.3% during the fourth quarter. UBS Asset Management Americas Inc. now owns 784,317 shares of the industrial products company’s stock worth $156,534,000 after buying an additional 358,656 shares in the last quarter. Eaton Vance Management boosted its holdings in Parker-Hannifin by 141.6% during the first quarter. Eaton Vance Management now owns 514,556 shares of the industrial products company’s stock worth $88,005,000 after buying an additional 301,597 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its holdings in Parker-Hannifin by 500.0% during the first quarter. State of New Jersey Common Pension Fund D now owns 360,000 shares of the industrial products company’s stock worth $61,571,000 after buying an additional 300,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Parker-Hannifin by 134.2% during the first quarter. The Manufacturers Life Insurance Company now owns 361,645 shares of the industrial products company’s stock worth $61,852,000 after buying an additional 207,208 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

In related news, VP Catherine A. Suever sold 2,148 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $175.13, for a total transaction of $376,179.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Candy M. Obourn sold 1,825 shares of the firm’s stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $164.93, for a total transaction of $300,997.25. The disclosure for this sale can be found here. Insiders sold 14,578 shares of company stock valued at $2,564,440 over the last quarter. Company insiders own 1.12% of the company’s stock.

A number of analysts recently issued reports on PH shares. JPMorgan Chase & Co. lowered their price target on shares of Parker-Hannifin from $210.00 to $199.00 and set an “overweight” rating on the stock in a report on Tuesday, April 10th. Zacks Investment Research downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Monday, March 19th. Wells Fargo & Co reaffirmed a “hold” rating and set a $200.00 price objective (down from $235.00) on shares of Parker-Hannifin in a report on Thursday, March 8th. Robert W. Baird raised shares of Parker-Hannifin from a “neutral” rating to an “outperform” rating and set a $203.00 price objective on the stock in a report on Thursday, March 8th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $200.00 price objective (down from $232.00) on shares of Parker-Hannifin in a report on Monday, April 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $200.40.

Shares of Parker-Hannifin opened at $172.14 on Thursday, according to Marketbeat. The stock has a market capitalization of $23.20 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 1.76 and a beta of 1.42. The company has a quick ratio of 1.09, a current ratio of 1.59 and a debt-to-equity ratio of 0.82. Parker-Hannifin Corp has a 52 week low of $153.65 and a 52 week high of $212.80.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, April 26th. The industrial products company reported $2.80 EPS for the quarter, beating the Zacks’ consensus estimate of $2.62 by $0.18. The business had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.67 billion. Parker-Hannifin had a net margin of 7.16% and a return on equity of 23.63%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.11 earnings per share. equities research analysts predict that Parker-Hannifin Corp will post 10.08 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Thursday, May 10th were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, May 9th. Parker-Hannifin’s dividend payout ratio is 37.48%.

Parker-Hannifin Company Profile

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.

Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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