Tritonpoint Wealth LLC Reduces Holdings in Parker-Hannifin Co. (NYSE:PH)

Tritonpoint Wealth LLC trimmed its stake in Parker-Hannifin Co. (NYSE:PH) by 4.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,406 shares of the industrial products company’s stock after selling 199 shares during the period. Tritonpoint Wealth LLC’s holdings in Parker-Hannifin were worth $2,678,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Congress Asset Management Co. lifted its position in Parker-Hannifin by 15.5% during the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after acquiring an additional 25,605 shares during the period. HUB Investment Partners LLC lifted its position in Parker-Hannifin by 15.7% during the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after acquiring an additional 1,057 shares during the period. Congress Wealth Management LLC DE lifted its position in Parker-Hannifin by 67.8% during the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after acquiring an additional 18,503 shares during the period. Washington Trust Bank lifted its position in Parker-Hannifin by 3,019.5% during the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after acquiring an additional 15,037 shares during the period. Finally, Ascent Wealth Partners LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at about $1,216,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Citigroup lowered their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Barclays reduced their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a “hold” rating in a research note on Monday, June 2nd. Finally, KeyCorp raised their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $719.71.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $653.73 on Friday. The company has a 50 day moving average price of $628.39 and a 200-day moving average price of $644.55. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The firm has a market capitalization of $83.53 billion, a PE ratio of 27.06, a P/E/G ratio of 2.85 and a beta of 1.34. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $6.51 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

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 through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.