Parker-Hannifin Co. (NYSE:PH) Shares Sold by Front Street Capital Management Inc.

Front Street Capital Management Inc. decreased its position in Parker-Hannifin Co. (NYSE:PH) by 2.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,299 shares of the industrial products company’s stock after selling 211 shares during the quarter. Parker-Hannifin accounts for about 0.9% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 27th largest holding. Front Street Capital Management Inc.’s holdings in Parker-Hannifin were worth $4,704,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Parker-Hannifin by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after buying an additional 105,475 shares during the last quarter. Boston Partners increased its holdings in shares of Parker-Hannifin by 4.1% during the first quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after purchasing an additional 43,535 shares during the period. AMF Tjanstepension AB increased its holdings in shares of Parker-Hannifin by 23.0% during the second 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 period. Bank of Montreal Can increased its holdings in shares of Parker-Hannifin by 11.6% during the second quarter. Bank of Montreal Can now owns 735,755 shares of the industrial products company’s stock valued at $378,572,000 after purchasing an additional 76,629 shares during the period. Finally, Baird Financial Group Inc. increased its holdings in shares of Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after purchasing an additional 25,060 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PH shares. Stifel Nicolaus lowered their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft increased their price target on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Evercore ISI increased their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Finally, TD Cowen lifted their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $624.43.

Parker-Hannifin Stock Performance

NYSE PH opened at $618.66 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $79.52 billion, a P/E ratio of 29.15, a P/E/G ratio of 2.42 and a beta of 1.43. The firm has a 50-day moving average price of $572.71 and a two-hundred day moving average price of $548.45. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $627.30.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, topping the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.08 earnings per share. Analysts anticipate that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 30.73%.

Insider Activity

In other news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Berend Bracht sold 850 shares of the 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 sale, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

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.