Parker-Hannifin Co. (NYSE:PH) Position Lowered by M&T Bank Corp

M&T Bank Corp reduced its position in Parker-Hannifin Co. (NYSE:PH) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,873 shares of the industrial products company’s stock after selling 212 shares during the quarter. M&T Bank Corp’s holdings in Parker-Hannifin were worth $31,510,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Unigestion Holding SA bought a new position in Parker-Hannifin during the third quarter worth $1,755,000. Arete Wealth Advisors LLC boosted its holdings in shares of Parker-Hannifin by 1.2% in the 3rd quarter. Arete Wealth Advisors LLC now owns 1,936 shares of the industrial products company’s stock valued at $1,212,000 after buying an additional 23 shares during the period. Toronto Dominion Bank grew its position in shares of Parker-Hannifin by 1.3% during the 3rd quarter. Toronto Dominion Bank now owns 64,278 shares of the industrial products company’s stock valued at $40,612,000 after buying an additional 848 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Parker-Hannifin by 5.3% during the third quarter. Coldstream Capital Management Inc. now owns 2,784 shares of the industrial products company’s stock worth $1,777,000 after acquiring an additional 140 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Parker-Hannifin by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock worth $1,623,689,000 after acquiring an additional 29,408 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH opened at $647.20 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The firm’s 50 day moving average is $670.84 and its 200-day moving average is $600.85. Parker-Hannifin Co. has a 12-month low of $440.00 and a 12-month high of $712.42. The stock has a market capitalization of $83.31 billion, a P/E ratio of 29.23, a P/E/G ratio of 2.71 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the previous year, the business posted $5.96 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities research analysts anticipate that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 8th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.01%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is 29.45%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays increased their price target on Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Mizuho increased their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Stifel Nicolaus lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price for the company. in a research note on Monday, November 18th. Finally, Wolfe Research upgraded shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target on the stock in a research note on Thursday, December 12th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $712.82.

Insider Activity at Parker-Hannifin

In other news, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock worth $12,303,829 in the last quarter. 0.39% 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.