Sumitomo Mitsui Trust Holdings Inc. Increases Stake in Parker-Hannifin Corporation (PH)
Sumitomo Mitsui Trust Holdings Inc. boosted its position in Parker-Hannifin Corporation (NYSE:PH) by 13.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 422,927 shares of the industrial products company’s stock after buying an additional 51,271 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.32% of Parker-Hannifin Corporation worth $67,592,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PH. BlackRock Inc. raised its stake in shares of Parker-Hannifin Corporation by 2,619.0% in the first quarter. BlackRock Inc. now owns 8,166,311 shares of the industrial products company’s stock worth $1,309,223,000 after buying an additional 7,865,974 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Parker-Hannifin Corporation by 28.5% in the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after buying an additional 1,336,541 shares in the last quarter. Longview Partners Guernsey LTD raised its stake in shares of Parker-Hannifin Corporation by 7.6% in the second quarter. Longview Partners Guernsey LTD now owns 5,134,958 shares of the industrial products company’s stock worth $820,669,000 after buying an additional 362,076 shares in the last quarter. FMR LLC raised its stake in shares of Parker-Hannifin Corporation by 1,163.3% in the first quarter. FMR LLC now owns 1,754,907 shares of the industrial products company’s stock worth $281,346,000 after buying an additional 1,615,987 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Parker-Hannifin Corporation by 9.7% in the first quarter. Geode Capital Management LLC now owns 1,353,921 shares of the industrial products company’s stock worth $216,760,000 after buying an additional 119,228 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Parker-Hannifin Corporation (PH) opened at 157.56 on Thursday. Parker-Hannifin Corporation has a 52-week low of $118.77 and a 52-week high of $167.50. The stock has a market cap of $21.00 billion, a P/E ratio of 21.73 and a beta of 1.40. The firm’s 50 day moving average price is $162.05 and its 200 day moving average price is $158.66.
Parker-Hannifin Corporation (NYSE:PH) last released its quarterly earnings results on Thursday, August 3rd. The industrial products company reported $2.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.14. The company had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The firm’s revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the business earned $1.90 earnings per share. On average, analysts expect that Parker-Hannifin Corporation will post $9.08 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Monday, August 28th will be given a dividend of $0.66 per share. The ex-dividend date is Thursday, August 24th. This represents a $2.64 annualized dividend and a yield of 1.68%. Parker-Hannifin Corporation’s dividend payout ratio is presently 36.51%.
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A number of analysts have commented on PH shares. Jefferies Group LLC reissued a “hold” rating and set a $165.00 price objective (up from $163.00) on shares of Parker-Hannifin Corporation in a report on Wednesday, August 9th. Stifel Nicolaus reissued a “buy” rating and set a $176.00 price objective on shares of Parker-Hannifin Corporation in a report on Thursday, July 6th. J P Morgan Chase & Co set a $175.00 price objective on Parker-Hannifin Corporation and gave the stock a “buy” rating in a report on Thursday, May 18th. Wolfe Research started coverage on Parker-Hannifin Corporation in a report on Tuesday, July 11th. They set an “outperform” rating and a $182.00 price objective for the company. Finally, Zacks Investment Research lowered Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. Parker-Hannifin Corporation presently has a consensus rating of “Buy” and an average price target of $168.69.
In related news, VP John G. Dedinsky, Jr. sold 2,530 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $160.98, for a total transaction of $407,279.40. Following the sale, the vice president now owns 21,753 shares in the company, valued at $3,501,797.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.73% of the stock is currently owned by company 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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