TIAA Trust National Association Grows Position in Parker-Hannifin Co. (NYSE:PH)

TIAA Trust National Association grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 438.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 25,738 shares of the industrial products company’s stock after buying an additional 20,954 shares during the quarter. TIAA Trust National Association’s holdings in Parker-Hannifin were worth $13,019,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PH. Vanguard Group Inc. raised its holdings in Parker-Hannifin by 1.0% in 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 acquiring an additional 105,475 shares during the last quarter. Norges Bank purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $665,188,000. Boston Partners increased its holdings in shares of Parker-Hannifin by 4.1% in 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 last quarter. AMF Tjanstepension AB lifted its position in Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after buying an additional 141,862 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its stake in 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 worth $320,173,000 after buying an additional 25,060 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PH shares. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Stifel Nicolaus reduced their target price on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Barclays dropped their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Robert W. Baird lifted their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Finally, Raymond James began coverage on Parker-Hannifin in a research report on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $620.14.

Insider Buying and Selling

In other news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was 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 directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Berend Bracht sold 850 shares of the company’s 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 sale, 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 at this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $575.36 on Wednesday. The company’s fifty day simple moving average is $550.26 and its 200-day simple moving average is $542.09. 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 Co. has a 52 week low of $362.49 and a 52 week high of $601.30. The company has a market cap of $73.96 billion, a PE ratio of 27.11, a P/E/G ratio of 2.44 and a beta of 1.44.

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 analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the firm posted $6.08 earnings per share. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities research analysts anticipate that Parker-Hannifin Co. will post 26.61 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be paid a $1.63 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.13%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

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.