Jaffetilchin Investment Partners LLC lowered its position in Parker-Hannifin Corporation (NYSE:PH) by 50.1% during the second quarter, Holdings Channel reports. The firm owned 1,480 shares of the industrial products company’s stock after selling 1,487 shares during the period. Jaffetilchin Investment Partners LLC’s holdings in Parker-Hannifin Corporation were worth $237,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in PH. State of Wisconsin Investment Board increased its position in Parker-Hannifin Corporation by 13.9% in the second quarter. State of Wisconsin Investment Board now owns 234,354 shares of the industrial products company’s stock valued at $37,454,000 after buying an additional 28,530 shares during the last quarter. LMR Partners LLP bought a new position in Parker-Hannifin Corporation during the second quarter valued at about $2,418,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Parker-Hannifin Corporation by 36.4% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 110,400 shares of the industrial products company’s stock valued at $17,644,000 after buying an additional 29,490 shares during the last quarter. Pinnacle Financial Partners Inc. bought a new position in Parker-Hannifin Corporation during the second quarter valued at about $287,000. Finally, Advisors Asset Management Inc. increased its position in Parker-Hannifin Corporation by 4.3% in the second quarter. Advisors Asset Management Inc. now owns 30,463 shares of the industrial products company’s stock valued at $4,869,000 after buying an additional 1,248 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Parker-Hannifin Corporation (PH) opened at 155.57 on Friday. Parker-Hannifin Corporation has a 12 month low of $118.77 and a 12 month high of $167.50. The firm has a market capitalization of $20.73 billion, a PE ratio of 21.46 and a beta of 1.40. The stock has a 50 day moving average of $162.43 and a 200-day moving average of $158.34.
Parker-Hannifin Corporation (NYSE:PH) last released its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.31 by $0.14. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. During the same period in the previous year, the firm earned $1.90 EPS. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. On average, equities research analysts anticipate that Parker-Hannifin Corporation will post $9.07 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Monday, August 28th will be given a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $2.64 annualized dividend and a dividend yield of 1.70%. Parker-Hannifin Corporation’s dividend payout ratio is presently 36.51%.
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Several research firms have issued reports on PH. BidaskClub downgraded shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $189.00 price objective on shares of Parker-Hannifin Corporation in a report on Friday, July 14th. ValuEngine raised shares of Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Credit Suisse Group set a $189.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “buy” rating in a report on Sunday, May 28th. Finally, Barclays PLC set a $162.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “hold” rating in a report on Sunday, April 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the stock. Parker-Hannifin Corporation currently has an average rating of “Buy” and an average target price of $168.69.
In other Parker-Hannifin Corporation news, VP John G. Dedinsky, Jr. sold 2,530 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $160.98, for a total value of $407,279.40. Following the transaction, the vice president now directly owns 21,753 shares in the company, valued at approximately $3,501,797.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Martin C. Maxwell sold 2,850 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $160.08, for a total transaction of $456,228.00. Following the completion of the transaction, the vice president now owns 21,968 shares in the company, valued at $3,516,637.44. The disclosure for this sale can be found here. 2.73% of the stock is owned by insiders.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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