Parker-Hannifin Co. (NYSE:PH) Stake Lessened by Rathbones Group PLC

Rathbones Group PLC cut its stake in Parker-Hannifin Co. (NYSE:PH) by 0.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,115 shares of the industrial products company’s stock after selling 35 shares during the period. Rathbones Group PLC’s holdings in Parker-Hannifin were worth $2,081,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Gilbert & Cook Inc. grew its position in shares of Parker-Hannifin by 5.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock worth $475,000 after acquiring an additional 49 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in Parker-Hannifin by 14.2% in the fourth quarter. Kingsview Wealth Management LLC now owns 1,697 shares of the industrial products company’s stock worth $782,000 after purchasing an additional 211 shares during the period. Brown Advisory Inc. increased its stake in Parker-Hannifin by 2.2% during the fourth quarter. Brown Advisory Inc. now owns 50,056 shares of the industrial products company’s stock valued at $23,061,000 after purchasing an additional 1,070 shares during the last quarter. Norges Bank acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $665,188,000. Finally, Dynamic Technology Lab Private Ltd lifted its position in shares of Parker-Hannifin by 16.0% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 2,258 shares of the industrial products company’s stock worth $1,040,000 after buying an additional 311 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Up 1.0 %

Parker-Hannifin stock opened at $597.09 on Tuesday. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $601.30. The stock has a market cap of $76.75 billion, a price-to-earnings ratio of 28.14, a PEG ratio of 2.39 and a beta of 1.43. The company’s 50-day moving average price is $563.90 and its two-hundred day moving average price is $545.56. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the business earned $6.08 earnings per share. On average, analysts expect that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is currently 30.73%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PH shares. 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, September 11th. Barclays dropped their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Stifel Nicolaus reduced their price objective on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Robert W. Baird increased their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Finally, Evercore ISI raised their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Insiders Place Their Bets

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