Varma Mutual Pension Insurance Co Lowers Position in Parker-Hannifin Co. (NYSE:PH)

Varma Mutual Pension Insurance Co cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 5.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,037 shares of the industrial products company’s stock after selling 2,187 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Parker-Hannifin were worth $18,734,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Gilbert & Cook Inc. raised its stake in shares of Parker-Hannifin by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock worth $475,000 after purchasing an additional 49 shares during the period. Wealthspire Advisors LLC raised its position in Parker-Hannifin by 6.3% in the fourth quarter. Wealthspire Advisors LLC now owns 1,227 shares of the industrial products company’s stock worth $565,000 after acquiring an additional 73 shares during the period. Principal Securities Inc. purchased a new position in Parker-Hannifin in the fourth quarter valued at about $1,280,000. BNP Paribas Financial Markets grew its position in shares of Parker-Hannifin by 4.4% during the 4th quarter. BNP Paribas Financial Markets now owns 46,758 shares of the industrial products company’s stock valued at $21,541,000 after acquiring an additional 1,984 shares during the period. Finally, Johnson Investment Counsel Inc. increased its stake in shares of Parker-Hannifin by 1.4% during the 4th quarter. Johnson Investment Counsel Inc. now owns 2,270 shares of the industrial products company’s stock worth $1,046,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on PH shares. Barclays reduced 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. Robert W. Baird increased their price target on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company boosted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Evercore ISI increased their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Finally, Bank of America boosted their price target 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. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $623.00.

Parker-Hannifin Price Performance

NYSE:PH traded down $3.89 during trading hours on Friday, hitting $571.31. The stock had a trading volume of 755,196 shares, compared to its average volume of 658,527. The firm has a market capitalization of $73.44 billion, a price-to-earnings ratio of 26.92, a P/E/G ratio of 2.44 and a beta of 1.43. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $601.30. The company has a 50 day simple moving average of $554.47 and a two-hundred day simple moving average of $543.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) 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 analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $6.08 earnings per share. Research analysts forecast that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Activity at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin 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 of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 3,900 shares in the company, valued at $2,299,947. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated 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 owns 3,350 shares of the company’s stock, valued at $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

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.