Wedbush Securities Inc. Sells 164 Shares of Parker-Hannifin Co. (NYSE:PH)

Wedbush Securities Inc. lowered its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 14.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,002 shares of the industrial products company’s stock after selling 164 shares during the quarter. Wedbush Securities Inc.’s holdings in Parker-Hannifin were worth $507,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in Parker-Hannifin in the fourth quarter worth about $665,188,000. Kodai Capital Management LP bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $122,449,000. 1832 Asset Management L.P. boosted its holdings in shares of Parker-Hannifin by 305.0% in the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after purchasing an additional 231,788 shares during the period. AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 23.0% during the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Finally, Groupama Asset Managment purchased a new stake in Parker-Hannifin during the 4th quarter valued at $63,043,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PH has been the topic of a number of analyst reports. TD Cowen boosted their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Evercore ISI boosted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Barclays reduced their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $624.43.

Parker-Hannifin Stock Up 0.5 %

Shares of Parker-Hannifin stock opened at $587.55 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The stock has a market cap of $75.52 billion, a price-to-earnings ratio of 27.69, a PEG ratio of 2.32 and a beta of 1.43. The firm’s 50-day moving average is $560.42 and its two-hundred day moving average is $544.51. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $601.30.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $6.08 earnings per share. As a group, research analysts expect that Parker-Hannifin Co. will post 26.65 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

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.