Horizon Investment Services LLC Lowers Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Horizon Investment Services LLC decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 2.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,856 shares of the industrial products company’s stock after selling 188 shares during the quarter. Parker-Hannifin makes up 1.9% of Horizon Investment Services LLC’s holdings, making the stock its 15th largest holding. Horizon Investment Services LLC’s holdings in Parker-Hannifin were worth $3,974,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PH. TD Asset Management Inc lifted its stake in Parker-Hannifin by 152.1% in the 1st quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock worth $73,493,000 after purchasing an additional 79,774 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Parker-Hannifin by 8.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after purchasing an additional 1,802 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Parker-Hannifin in the 4th quarter worth $4,068,000. Concurrent Investment Advisors LLC lifted its stake in Parker-Hannifin by 261.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after purchasing an additional 1,819 shares in the last quarter. Finally, Lockheed Martin Investment Management Co. lifted its stake in Parker-Hannifin by 18.1% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 56,070 shares of the industrial products company’s stock worth $25,831,000 after purchasing an additional 8,600 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PH shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Robert W. Baird boosted their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Raymond James boosted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Finally, Barclays reduced their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $623.00.

Parker-Hannifin Stock Performance

Shares of NYSE:PH opened at $575.20 on Friday. The company has a market capitalization of $73.97 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 2.44 and a beta of 1.43. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $601.30. The firm’s 50-day moving average is $553.17 and its 200 day moving average is $542.56. 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 EPS for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion for 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 company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.08 EPS. Research analysts predict that Parker-Hannifin Co. will post 26.61 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders 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 dividend on an annualized basis and a yield of 1.13%. Parker-Hannifin’s dividend payout ratio 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.