Cornerstone Investment Partners LLC lowered its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 94.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,893 shares of the industrial products company’s stock after selling 289,173 shares during the period. Cornerstone Investment Partners LLC’s holdings in Parker-Hannifin Corporation were worth $2,782,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PH. Israel Discount Bank of New York grew its stake in Parker-Hannifin Corporation by 31.6% during the second quarter. Israel Discount Bank of New York now owns 625 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 150 shares during the period. Parallel Advisors LLC grew its stake in Parker-Hannifin Corporation by 4.1% in the second quarter. Parallel Advisors LLC now owns 612 shares of the industrial products company’s stock valued at $102,000 after acquiring an additional 24 shares during the period. IHT Wealth Management LLC grew its stake in Parker-Hannifin Corporation by 20.8% in the second quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock valued at $119,000 after acquiring an additional 20 shares during the period. BT Investment Management Ltd acquired a new stake in Parker-Hannifin Corporation in the second quarter valued at approximately $124,000. Finally, Sun Life Financial INC grew its stake in Parker-Hannifin Corporation by 8,108.3% in the second quarter. Sun Life Financial INC now owns 985 shares of the industrial products company’s stock valued at $157,000 after acquiring an additional 973 shares during the period. 78.35% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have commented on the company. Deutsche Bank AG raised their price objective on Parker-Hannifin Corporation to $200.00 and gave the company a “buy” rating in a research note on Monday. Zacks Investment Research upgraded Parker-Hannifin Corporation from a “hold” rating to a “buy” rating and set a $208.00 target price on the stock in a report on Tuesday, November 7th. BMO Capital Markets raised their target price on Parker-Hannifin Corporation from $200.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, November 6th. KeyCorp restated a “buy” rating and issued a $205.00 target price on shares of Parker-Hannifin Corporation in a report on Friday, November 3rd. Finally, Citigroup Inc. raised their target price on Parker-Hannifin Corporation from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $188.95.
Parker-Hannifin Corporation (NYSE:PH) last posted its quarterly earnings data on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.22. Parker-Hannifin Corporation had a return on equity of 23.61% and a net margin of 8.37%. The firm had revenue of $3.36 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the prior year, the business earned $1.61 EPS. The company’s revenue for the quarter was up 22.7% compared to the same quarter last year. equities research analysts predict that Parker-Hannifin Corporation will post 9.57 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date of this dividend is Thursday, November 9th. Parker-Hannifin Corporation’s dividend payout ratio (DPR) is presently 33.89%.
In other Parker-Hannifin Corporation news, Director Linda S. Harty sold 3,491 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $183.30, for a total transaction of $639,900.30. Following the completion of the transaction, the director now owns 9,727 shares of the company’s stock, valued at approximately $1,782,959.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert W. Bond sold 5,517 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $181.72, for a total value of $1,002,549.24. Following the transaction, the vice president now directly owns 28,265 shares of the company’s stock, valued at approximately $5,136,315.80. The disclosure for this sale can be found here. In the last three months, insiders sold 25,828 shares of company stock valued at $4,611,814. 1.12% of the stock is currently owned by corporate insiders.
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Parker-Hannifin Corporation 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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