Tuttle Capital Management LLC Raises Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Tuttle Capital Management LLC grew its position in shares of Parker-Hannifin Co. (NYSE:PH) by 33.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 606 shares of the industrial products company’s stock after acquiring an additional 152 shares during the quarter. Parker-Hannifin comprises approximately 2.3% of Tuttle Capital Management LLC’s holdings, making the stock its 27th largest holding. Tuttle Capital Management LLC’s holdings in Parker-Hannifin were worth $385,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Wealthspire Advisors LLC lifted its stake in shares of Parker-Hannifin by 9.2% in the 2nd quarter. Wealthspire Advisors LLC now owns 1,267 shares of the industrial products company’s stock valued at $641,000 after purchasing an additional 107 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in Parker-Hannifin by 6.7% in the second quarter. J.W. Cole Advisors Inc. now owns 2,273 shares of the industrial products company’s stock worth $1,150,000 after buying an additional 143 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in Parker-Hannifin by 250.3% during the second quarter. Brown Brothers Harriman & Co. now owns 1,524 shares of the industrial products company’s stock worth $771,000 after buying an additional 1,089 shares during the period. One Capital Management LLC increased its position in Parker-Hannifin by 146.7% during the second quarter. One Capital Management LLC now owns 2,304 shares of the industrial products company’s stock valued at $1,165,000 after acquiring an additional 1,370 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its stake in shares of Parker-Hannifin by 1,262.8% in the second quarter. Citizens Financial Group Inc. RI now owns 20,714 shares of the industrial products company’s stock valued at $10,477,000 after acquiring an additional 19,194 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,077 shares of company stock worth $12,303,829. 0.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Parker-Hannifin from $770.00 to $710.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. TD Cowen upped their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Robert W. Baird increased their price target on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. UBS Group began coverage on Parker-Hannifin in a report on Wednesday, November 13th. They set a “buy” rating and a $842.00 price objective for the company. Finally, Stifel Nicolaus lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 target price on the stock. in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $722.94.

Parker-Hannifin Trading Up 1.2 %

NYSE:PH opened at $637.76 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The firm has a 50-day simple moving average of $673.28 and a 200-day simple moving average of $615.81. Parker-Hannifin Co. has a one year low of $453.18 and a one year high of $712.42. The firm has a market cap of $82.09 billion, a P/E ratio of 28.81, a P/E/G ratio of 2.71 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the business earned $5.96 earnings per share. Parker-Hannifin’s revenue was up 1.2% on a year-over-year basis. Equities analysts anticipate that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were paid a $1.63 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $6.52 annualized dividend and a yield of 1.02%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

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.