SlateStone Wealth LLC Purchases 485 Shares of Parker-Hannifin Co. (NYSE:PH)

SlateStone Wealth LLC grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 34.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,911 shares of the industrial products company’s stock after buying an additional 485 shares during the period. SlateStone Wealth LLC’s holdings in Parker-Hannifin were worth $967,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PH. TD Asset Management Inc grew its position in shares of Parker-Hannifin by 152.1% in the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after purchasing an additional 79,774 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Parker-Hannifin by 8.5% during the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after acquiring an additional 1,802 shares during the period. Quadrature Capital Ltd bought a new position in Parker-Hannifin in the 4th quarter valued at $4,068,000. Concurrent Investment Advisors LLC grew its position in shares of Parker-Hannifin by 261.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock valued at $1,397,000 after purchasing an additional 1,819 shares in the last quarter. Finally, Lockheed Martin Investment Management Co. increased its holdings in shares of Parker-Hannifin by 18.1% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock worth $25,831,000 after purchasing an additional 8,600 shares during the period. Institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PH shares. Argus raised their price target on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a report on Monday, May 6th. Evercore ISI lifted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Barclays decreased their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Bank of America lifted their price target on Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $620.14.

Insider Activity at Parker-Hannifin

In related 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 transaction of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.03% of the stock is owned by corporate insiders.

Parker-Hannifin Stock Down 0.4 %

PH stock opened at $591.27 on Tuesday. 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 capitalization of $76.00 billion, a P/E ratio of 27.86, a P/E/G ratio of 2.37 and a beta of 1.44. The business has a fifty day moving average price of $540.19 and a 200-day moving average price of $539.06. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $597.33.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data 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. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same quarter in the previous year, the company posted $6.08 earnings per share. Parker-Hannifin’s revenue was up 1.8% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.10%. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

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.