Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Raleigh Capital Management Inc.

Raleigh Capital Management Inc. trimmed its position in Parker-Hannifin Corporation (NYSE:PH) by 17.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,804 shares of the industrial products company’s stock after selling 381 shares during the period. Raleigh Capital Management Inc.’s holdings in Parker-Hannifin were worth $1,097,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Callan Capital LLC purchased a new stake in shares of Parker-Hannifin during the first quarter worth approximately $250,000. TD Private Client Wealth LLC boosted its stake in Parker-Hannifin by 181.1% during the 1st quarter. TD Private Client Wealth LLC now owns 3,972 shares of the industrial products company’s stock worth $2,414,000 after purchasing an additional 2,559 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Parker-Hannifin by 17.6% during the first quarter. Envestnet Asset Management Inc. now owns 795,233 shares of the industrial products company’s stock worth $483,382,000 after buying an additional 118,831 shares in the last quarter. Hendley & Co. Inc. raised its position in shares of Parker-Hannifin by 54.1% in the first quarter. Hendley & Co. Inc. now owns 16,100 shares of the industrial products company’s stock valued at $9,786,000 after buying an additional 5,654 shares during the last quarter. Finally, Chilton Capital Management LLC lifted its stake in shares of Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company’s stock worth $39,000 after buying an additional 60 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Parker-Hannifin

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

Parker-Hannifin Stock Up 1.1%

Shares of NYSE:PH opened at $719.15 on Monday. The company has a market capitalization of $91.89 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 3.10 and a beta of 1.34. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $720.90. The business has a 50-day moving average price of $662.00 and a 200 day moving average price of $643.86. 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 announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the business earned $6.51 earnings per share. Sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 annualized dividend and a yield of 1.00%. The ex-dividend date was Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) is 27.72%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PH shares. Stifel Nicolaus boosted 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. Barclays lowered their target price on 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 began coverage on Parker-Hannifin in a report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 price target for the company. Citigroup lowered their price objective on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Wall Street Zen cut Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $719.41.

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.