Cambria Investment Management L.P. Cuts Holdings in Parker-Hannifin Corp (PH)
Cambria Investment Management L.P. lowered its position in shares of Parker-Hannifin Corp (NYSE:PH) by 4.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,018 shares of the industrial products company’s stock after selling 480 shares during the quarter. Cambria Investment Management L.P.’s holdings in Parker-Hannifin were worth $1,928,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in PH. Vanguard Group Inc. raised its position in shares of Parker-Hannifin by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock worth $1,397,867,000 after purchasing an additional 90,732 shares during the period. BlackRock Inc. raised its position in shares of Parker-Hannifin by 3.6% during the 2nd quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock worth $1,352,775,000 after purchasing an additional 298,047 shares during the period. Jennison Associates LLC raised its position in shares of Parker-Hannifin by 28.5% during 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 during the period. Longview Partners Guernsey LTD raised its position in shares of Parker-Hannifin by 5.4% during the 3rd quarter. Longview Partners Guernsey LTD now owns 5,413,458 shares of the industrial products company’s stock worth $947,463,000 after purchasing an additional 278,500 shares during the period. Finally, TIAA CREF Investment Management LLC raised its position in shares of Parker-Hannifin by 10.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock worth $336,317,000 after purchasing an additional 194,858 shares during the period. Hedge funds and other institutional investors own 78.24% of the company’s stock.
Shares of Parker-Hannifin Corp (NYSE PH) traded down $1.04 during mid-day trading on Tuesday, reaching $191.94. The company had a trading volume of 667,000 shares, compared to its average volume of 992,169. Parker-Hannifin Corp has a 1-year low of $139.49 and a 1-year high of $193.49. The company has a market cap of $25,709.97, a price-to-earnings ratio of 22.16, a price-to-earnings-growth ratio of 1.73 and a beta of 1.40. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.44 and a quick ratio of 0.95.
The company also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 10th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date was Thursday, November 9th. Parker-Hannifin’s payout ratio is currently 33.93%.
A number of brokerages have recently weighed in on PH. ValuEngine cut Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Citigroup increased their price target on Parker-Hannifin from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, October 13th. Cowen reiterated a “hold” rating and set a $155.00 price target on shares of Parker-Hannifin in a research report on Sunday, October 29th. Robert W. Baird set a $163.00 price target on Parker-Hannifin and gave the stock a “hold” rating in a research report on Thursday, August 24th. Finally, Wells Fargo & Company increased their price target on Parker-Hannifin from $181.50 to $196.00 and gave the stock a “market perform” rating in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. Parker-Hannifin presently has an average rating of “Buy” and an average price target of $188.95.
In other Parker-Hannifin news, COO Lee C. Banks sold 5,286 shares of the stock in a transaction 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 transaction, the chief operating officer now directly owns 112,808 shares of the company’s stock, valued at approximately $21,025,155.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Andrew D. Ross sold 2,056 shares of the stock in a transaction on Friday, December 8th. The shares were sold at an average price of $192.14, for a total value of $395,039.84. Following the transaction, the vice president now directly owns 5,207 shares of the company’s stock, valued at $1,000,472.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,495 shares of company stock valued at $4,127,941. 1.12% of the stock is currently owned by corporate insiders.
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Parker-Hannifin 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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