ClariVest Asset Management LLC reduced its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 98,988 shares of the industrial products company’s stock after selling 4,321 shares during the quarter. ClariVest Asset Management LLC owned 0.07% of Parker-Hannifin Corporation worth $17,324,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PH. Jennison Associates LLC increased its holdings in Parker-Hannifin Corporation by 28.5% in the 2nd quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after purchasing an additional 1,336,541 shares in the last quarter. Voya Investment Management LLC increased its holdings in Parker-Hannifin Corporation by 1,175.0% in the 2nd quarter. Voya Investment Management LLC now owns 1,348,381 shares of the industrial products company’s stock worth $215,499,000 after purchasing an additional 1,242,624 shares in the last quarter. Koch Industries Inc. acquired a new position in Parker-Hannifin Corporation in the 2nd quarter worth about $521,000. PNC Financial Services Group Inc. increased its holdings in Parker-Hannifin Corporation by 277.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 595,662 shares of the industrial products company’s stock worth $95,200,000 after purchasing an additional 438,035 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Parker-Hannifin Corporation by 2,611.4% in the 2nd quarter. Janus Henderson Group PLC now owns 453,585 shares of the industrial products company’s stock worth $72,493,000 after purchasing an additional 436,856 shares in the last quarter. Institutional investors and hedge funds own 77.73% of the company’s stock.
In related news, COO Lee C. Banks sold 5,286 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $186.38, for a total transaction of $985,204.68. Following the completion of the sale, the chief operating officer now directly owns 112,808 shares of the company’s stock, valued at $21,025,155.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joseph R. Leonti sold 5,279 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $179.07, for a total value of $945,310.53. Following the sale, the vice president now directly owns 8,032 shares of the company’s stock, valued at $1,438,290.24. The disclosure for this sale can be found here. Insiders sold 16,820 shares of company stock worth $2,969,364 in the last 90 days. Corporate insiders own 1.12% of the company’s stock.
Parker-Hannifin Corporation (NYSE:PH) traded up $2.57 during mid-day trading on Friday, hitting $182.30. The stock had a trading volume of 849,400 shares, compared to its average volume of 1,014,684. Parker-Hannifin Corporation has a 52 week low of $134.03 and a 52 week high of $189.83. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $24,210.00, a price-to-earnings ratio of 20.64, a PEG ratio of 1.62 and a beta of 1.40.
Parker-Hannifin Corporation (NYSE:PH) last posted its earnings results on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.22. Parker-Hannifin Corporation had a return on equity of 23.61% and a net margin of 8.37%. The company had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter last year, the company earned $1.61 earnings per share. The company’s revenue for the quarter was up 22.7% on a year-over-year basis. research analysts expect that Parker-Hannifin Corporation will post 9.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be issued a $0.66 dividend. The ex-dividend date is Thursday, November 9th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.45%. Parker-Hannifin Corporation’s dividend payout ratio is presently 33.89%.
Several equities research analysts have recently weighed in on the company. Morgan Stanley cut Parker-Hannifin Corporation from an “overweight” rating to an “equal weight” rating and set a $188.00 price target for the company. in a research note on Monday, October 2nd. KeyCorp reissued an “overweight” rating and issued a $185.00 price target on shares of Parker-Hannifin Corporation in a research note on Saturday, September 16th. Zacks Investment Research cut Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Buckingham Research increased their price target on Parker-Hannifin Corporation from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Finally, Credit Suisse Group increased their price target on Parker-Hannifin Corporation from $205.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have issued a buy rating to the company’s stock. Parker-Hannifin Corporation presently has an average rating of “Buy” and an average target price of $188.37.
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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