Sunpointe LLC Has $700,000 Stake in Parker-Hannifin Co. (NYSE:PH)

Sunpointe LLC decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 7.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,259 shares of the industrial products company’s stock after selling 100 shares during the period. Sunpointe LLC’s holdings in Parker-Hannifin were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PH. Norges Bank acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $665,188,000. Alphinity Investment Management Pty Ltd grew its stake in shares of Parker-Hannifin by 42.2% in the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after acquiring an additional 336,370 shares in the last quarter. Kodai Capital Management LP bought a new stake in shares of Parker-Hannifin in the 4th quarter worth $122,449,000. International Assets Investment Management LLC grew its stake in shares of Parker-Hannifin by 65,634.7% in the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after acquiring an additional 219,220 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new position in Parker-Hannifin during the third quarter valued at about $58,601,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling

In related news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PH has been the subject of several recent research reports. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Bank of America lifted their target price on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Finally, Barclays lowered their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $566.33.

Parker-Hannifin Price Performance

Shares of NYSE PH traded down $4.70 during midday trading on Tuesday, reaching $505.59. 572,688 shares of the stock traded hands, compared to its average volume of 641,104. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The stock has a market capitalization of $64.99 billion, a PE ratio of 23.83, a P/E/G ratio of 2.02 and a beta of 1.46. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. The company’s 50 day moving average is $533.05 and its 200 day moving average is $514.85.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $5.93 EPS. On average, equities research analysts anticipate that Parker-Hannifin Co. will post 24.84 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 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.