Covington Investment Advisors Inc. reduced its position in Parker-Hannifin Corporation (NYSE:PH) by 0.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,195 shares of the industrial products company’s stock after selling 30 shares during the period. Covington Investment Advisors Inc.’s holdings in Parker-Hannifin Corporation were worth $511,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Moody Lynn & Lieberson LLC boosted its position in shares of Parker-Hannifin Corporation by 0.3% in the first quarter. Moody Lynn & Lieberson LLC now owns 3,043 shares of the industrial products company’s stock worth $488,000 after buying an additional 10 shares during the last quarter. Parallel Advisors LLC boosted its position in Parker-Hannifin Corporation by 4.1% in the second quarter. Parallel Advisors LLC now owns 612 shares of the industrial products company’s stock worth $102,000 after buying an additional 24 shares in the last quarter. Geneva Advisors LLC boosted its position in Parker-Hannifin Corporation by 0.7% in the second quarter. Geneva Advisors LLC now owns 5,476 shares of the industrial products company’s stock worth $875,000 after buying an additional 38 shares in the last quarter. Warren Averett Asset Management LLC boosted its position in Parker-Hannifin Corporation by 1.7% in the second quarter. Warren Averett Asset Management LLC now owns 2,398 shares of the industrial products company’s stock worth $383,000 after buying an additional 40 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its position in Parker-Hannifin Corporation by 1.3% in the second quarter. Wetherby Asset Management Inc. now owns 3,501 shares of the industrial products company’s stock worth $559,000 after buying an additional 44 shares in the last quarter. Institutional investors own 80.21% of the company’s stock.

Parker-Hannifin Corporation (NYSE:PH) traded up 0.16% during trading on Thursday, hitting $160.71. The company had a trading volume of 147,058 shares. The company’s 50 day moving average price is $161.87 and its 200-day moving average price is $158.71. The stock has a market capitalization of $21.40 billion, a price-to-earnings ratio of 22.17 and a beta of 1.40. Parker-Hannifin Corporation has a 1-year low of $118.77 and a 1-year high of $167.50.

Parker-Hannifin Corporation (NYSE:PH) last issued its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.14. Parker-Hannifin Corporation had a return on equity of 22.90% and a net margin of 8.18%. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same period in the previous year, the firm posted $1.90 earnings per share. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, analysts expect that Parker-Hannifin Corporation will post $9.08 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Monday, August 28th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $2.64 annualized dividend and a yield of 1.65%. Parker-Hannifin Corporation’s payout ratio is currently 36.51%.

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A number of research firms have issued reports on PH. Robert W. Baird set a $163.00 target price on Parker-Hannifin Corporation and gave the company a “hold” rating in a research report on Thursday, August 24th. BidaskClub cut Parker-Hannifin Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th. Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 target price (up previously from $163.00) on shares of Parker-Hannifin Corporation in a research report on Wednesday, August 9th. Zacks Investment Research cut Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Stifel Nicolaus set a $198.00 target price on Parker-Hannifin Corporation and gave the company a “buy” rating in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have given a buy rating to the stock. Parker-Hannifin Corporation presently has an average rating of “Buy” and an average target price of $172.06.

In other news, VP John G. Dedinsky, Jr. sold 2,530 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $160.98, for a total transaction of $407,279.40. Following the transaction, the vice president now owns 21,753 shares of the company’s stock, valued at $3,501,797.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Scaminace sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $158.35, for a total value of $79,175.00. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.

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.

Institutional Ownership by Quarter for Parker-Hannifin Corporation (NYSE:PH)

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