Apriem Advisors acquired a new position in Parker-Hannifin Corp (NYSE:PH) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,573 shares of the industrial products company’s stock, valued at approximately $267,000.
Several other hedge funds have also modified their holdings of the stock. Ibex Wealth Advisors bought a new stake in shares of Parker-Hannifin in the second quarter worth about $27,000. TRUE Private Wealth Advisors bought a new stake in shares of Parker-Hannifin in the second quarter worth about $34,000. HMS Capital Management LLC bought a new stake in shares of Parker-Hannifin in the second quarter worth about $36,000. Destination Wealth Management grew its stake in shares of Parker-Hannifin by 254.3% in the second quarter. Destination Wealth Management now owns 248 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 178 shares during the last quarter. Finally, Legacy Advisors LLC grew its stake in shares of Parker-Hannifin by 121.0% in the second quarter. Legacy Advisors LLC now owns 274 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 80.64% of the company’s stock.
Parker-Hannifin stock traded up $8.91 during trading hours on Friday, hitting $179.66. 992,489 shares of the stock traded hands, compared to its average volume of 791,985. The firm’s 50-day moving average price is $172.60 and its two-hundred day moving average price is $171.16. Parker-Hannifin Corp has a one year low of $140.82 and a one year high of $190.97. The company has a market cap of $21.57 billion, a PE ratio of 15.16, a PEG ratio of 1.55 and a beta of 1.57. The company has a current ratio of 2.43, a quick ratio of 1.90 and a debt-to-equity ratio of 1.09.
Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 1st. The industrial products company reported $3.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.09 by $0.22. Parker-Hannifin had a net margin of 10.56% and a return on equity of 26.11%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.69 billion. During the same period last year, the business earned $3.22 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. On average, sell-side analysts expect that Parker-Hannifin Corp will post 11.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a dividend of $0.88 per share. The ex-dividend date was Tuesday, August 27th. This represents a $3.52 annualized dividend and a dividend yield of 1.96%. Parker-Hannifin’s payout ratio is 29.70%.
In other Parker-Hannifin news, VP Andrew M. Weeks sold 1,732 shares of Parker-Hannifin stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $180.64, for a total value of $312,868.48. Following the completion of the sale, the vice president now owns 15,257 shares of the company’s stock, valued at approximately $2,756,024.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark J. Hart sold 2,250 shares of Parker-Hannifin stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $183.35, for a total transaction of $412,537.50. Following the completion of the sale, the executive vice president now directly owns 10,849 shares of the company’s stock, valued at approximately $1,989,164.15. The disclosure for this sale can be found here. Insiders have sold 59,234 shares of company stock valued at $10,722,479 over the last quarter. Company insiders own 1.23% of the company’s stock.
PH has been the topic of several recent analyst reports. Zacks Investment Research cut Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 target price on the stock. in a research note on Wednesday, July 17th. Morgan Stanley raised their target price on Parker-Hannifin from $173.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Wells Fargo & Co cut Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 target price on the stock. in a research note on Wednesday, July 10th. JPMorgan Chase & Co. cut Parker-Hannifin from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $186.00 to $169.00 in a research report on Wednesday, July 10th. Finally, Stifel Nicolaus cut their price objective on Parker-Hannifin from $176.00 to $174.00 and set a “hold” rating on the stock in a research report on Monday, October 7th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $175.60.
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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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