QRG Capital Management Inc. Sells 315 Shares of Parker-Hannifin Corporation (NYSE:PH)

QRG Capital Management Inc. lessened its holdings in Parker-Hannifin Corporation (NYSE:PH) by 2.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,367 shares of the industrial products company’s stock after selling 315 shares during the quarter. QRG Capital Management Inc.’s holdings in Parker-Hannifin were worth $6,302,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Whipplewood Advisors LLC bought a new position in Parker-Hannifin during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin during the 4th quarter worth approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin during the 4th quarter worth approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin during the 4th quarter worth approximately $32,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin during the 4th quarter worth approximately $40,000. Institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a research note on Monday, June 2nd. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Barclays dropped their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Morgan Stanley initiated coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 target price on the stock. Finally, Citigroup dropped their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $719.71.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company’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 of the company’s stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $652.36 on Wednesday. The company’s fifty day simple moving average is $632.27 and its 200-day simple moving average is $643.55. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The firm has a market cap of $83.36 billion, a PE ratio of 25.12, a P/E/G ratio of 3.09 and a beta of 1.34. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $718.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the firm posted $6.51 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities research analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin’s dividend payout ratio is 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.