Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Bank of Stockton

Bank of Stockton cut its position in Parker-Hannifin Corporation (NYSE:PH) by 5.1% during the first quarter, HoldingsChannel.com reports. The fund owned 5,981 shares of the industrial products company’s stock after selling 323 shares during the period. Parker-Hannifin makes up 1.2% of Bank of Stockton’s portfolio, making the stock its 18th largest position. Bank of Stockton’s holdings in Parker-Hannifin were worth $3,636,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin during the fourth quarter worth $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin in the 4th quarter valued at about $32,000. Finally, Meeder Asset Management Inc. raised its position in shares of Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock valued at $42,000 after buying an additional 45 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of PH opened at $674.34 on Thursday. The firm has a market capitalization of $86.17 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 3.15 and a beta of 1.34. The firm’s fifty day simple moving average is $643.31 and its 200-day simple moving average is $642.43. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PH shares. Wall Street Zen downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Morgan Stanley started coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 price objective on the stock. Barclays dropped their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Finally, Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a research report on Monday, June 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $719.71.

About Parker-Hannifin

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.