Raymond James Financial Services Advisors Inc. lowered its holdings in Parker-Hannifin Corp (NYSE:PH) by 25.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,702 shares of the industrial products company’s stock after selling 5,791 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Parker-Hannifin were worth $2,491,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Paradigm Asset Management Co. LLC increased its stake in shares of Parker-Hannifin by 7.4% in the third quarter. Paradigm Asset Management Co. LLC now owns 3,650 shares of the industrial products company’s stock worth $671,000 after acquiring an additional 250 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Parker-Hannifin by 1.8% in the third quarter. The Manufacturers Life Insurance Company now owns 233,970 shares of the industrial products company’s stock worth $43,034,000 after acquiring an additional 4,165 shares during the last quarter. Fruth Investment Management increased its stake in shares of Parker-Hannifin by 83.7% in the fourth quarter. Fruth Investment Management now owns 7,900 shares of the industrial products company’s stock worth $1,178,000 after acquiring an additional 3,600 shares during the last quarter. American International Group Inc. increased its stake in shares of Parker-Hannifin by 4.8% in the third quarter. American International Group Inc. now owns 57,899 shares of the industrial products company’s stock worth $10,649,000 after acquiring an additional 2,649 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Parker-Hannifin by 9.6% in the third quarter. JPMorgan Chase & Co. now owns 2,942,573 shares of the industrial products company’s stock worth $541,228,000 after acquiring an additional 258,502 shares during the last quarter. Institutional investors own 78.70% of the company’s stock.
Shares of PH opened at $172.59 on Thursday. The stock has a market cap of $22.13 billion, a price-to-earnings ratio of 16.56, a price-to-earnings-growth ratio of 1.65 and a beta of 1.46. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.52 and a quick ratio of 1.01. Parker-Hannifin Corp has a 12 month low of $140.82 and a 12 month high of $193.19.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 8th were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Thursday, February 7th. Parker-Hannifin’s payout ratio is 29.17%.
A number of equities analysts have recently weighed in on PH shares. Robert W. Baird set a $180.00 price target on shares of Parker-Hannifin and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Barclays lowered their target price on shares of Parker-Hannifin from $186.00 to $180.00 and set an “overweight” rating on the stock in a research report on Monday, December 17th. Stifel Nicolaus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and lowered their target price for the stock from $181.00 to $171.00 in a research report on Friday, February 1st. Zacks Investment Research downgraded shares of Parker-Hannifin from a “hold” rating to a “sell” rating in a research report on Wednesday, January 16th. Finally, Morgan Stanley set a $172.00 target price on shares of Parker-Hannifin and gave the stock a “hold” rating in a research report on Saturday, February 2nd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $181.63.
In related news, VP Todd M. Leombruno sold 784 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $177.55, for a total value of $139,199.20. Following the completion of the sale, the vice president now owns 2,913 shares of the company’s stock, valued at $517,203.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Andrew M. Weeks sold 4,520 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $176.70, for a total transaction of $798,684.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,405 shares of company stock valued at $1,463,746. Company insiders own 1.12% of the company’s stock.
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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.
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