Bank of New York Mellon Corp Sells 3,527 Shares of Parker-Hannifin Co. (NYSE:PH)

Bank of New York Mellon Corp lessened its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 880,703 shares of the industrial products company’s stock after selling 3,527 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of Parker-Hannifin worth $445,468,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PH. Norges Bank bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $665,188,000. Kodai Capital Management LP purchased a new position in Parker-Hannifin in the 4th quarter worth $122,449,000. 1832 Asset Management L.P. grew its stake in shares of Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after buying an additional 231,788 shares during the last quarter. AMF Tjanstepension AB increased its holdings in shares of Parker-Hannifin by 23.0% in 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 during the period. Finally, Groupama Asset Managment bought a new position in Parker-Hannifin during the 4th quarter worth approximately $63,043,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.3 %

Shares of PH traded down $1.67 during trading hours on Monday, hitting $592.15. The company had a trading volume of 200,950 shares, compared to its average volume of 663,712. The stock has a market capitalization of $76.12 billion, a price-to-earnings ratio of 27.98, a P/E/G ratio of 2.37 and a beta of 1.44. The firm has a fifty day moving average price of $538.48 and a 200-day moving average price of $538.52. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $597.33. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned $6.08 earnings per share. On average, equities research analysts forecast that Parker-Hannifin Co. will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently commented on the stock. Mizuho raised 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. Barclays cut their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft increased their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Stifel Nicolaus reduced their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Finally, Evercore ISI raised their price target on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.14.

Insider Activity

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’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 sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.03% of the company’s stock.

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.