Brown Brothers Harriman & Co. Grows Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Brown Brothers Harriman & Co. raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 250.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,524 shares of the industrial products company’s stock after purchasing an additional 1,089 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Parker-Hannifin were worth $771,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Kodai Capital Management LP purchased a new position in Parker-Hannifin in the fourth quarter worth about $122,449,000. 1832 Asset Management L.P. increased its position in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 23.0% during the 2nd 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 last quarter. Groupama Asset Managment bought a new position in shares of Parker-Hannifin during the 4th quarter valued at approximately $63,043,000. Finally, Congress Asset Management Co. MA increased its position in shares of Parker-Hannifin by 503.9% during the 1st quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock valued at $86,812,000 after purchasing an additional 130,331 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on 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 completion of 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. Corporate insiders own 1.03% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PH. TD Cowen boosted their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft boosted their target price 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 boosted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their target price for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Barclays dropped their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $624.43.

Parker-Hannifin Price Performance

Shares of PH stock opened at $605.17 on Wednesday. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $607.69. The stock has a market capitalization of $77.79 billion, a price-to-earnings ratio of 28.52, a P/E/G ratio of 2.39 and a beta of 1.43. The stock has a fifty day simple moving average of $565.83 and a two-hundred day simple moving average of $546.03. 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 issued its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share 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 business had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the prior year, the business earned $6.08 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, analysts predict that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.08%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s payout ratio is 30.73%.

Parker-Hannifin 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.