Highlander Capital Management LLC Boosts Holdings in Parker-Hannifin Corp (PH)
Highlander Capital Management LLC raised its holdings in Parker-Hannifin Corp (NYSE:PH) by 65.7% during the first quarter, HoldingsChannel reports. The institutional investor owned 5,675 shares of the industrial products company’s stock after buying an additional 2,250 shares during the quarter. Highlander Capital Management LLC’s holdings in Parker-Hannifin were worth $951,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in PH. Banco de Sabadell S.A lifted its position in shares of Parker-Hannifin by 7.2% during the first quarter. Banco de Sabadell S.A now owns 8,694 shares of the industrial products company’s stock valued at $1,487,000 after purchasing an additional 584 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Parker-Hannifin during the first quarter valued at about $2,831,000. Sciencast Management LP bought a new position in shares of Parker-Hannifin during the first quarter valued at about $1,832,000. Highland Capital Management LP raised its position in Parker-Hannifin by 52.3% in the first quarter. Highland Capital Management LP now owns 65,510 shares of the industrial products company’s stock worth $11,204,000 after acquiring an additional 22,500 shares during the period. Finally, Amundi Pioneer Asset Management Inc. raised its position in Parker-Hannifin by 8.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 138,876 shares of the industrial products company’s stock worth $23,753,000 after acquiring an additional 11,193 shares during the period. 80.00% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have commented on PH. Wells Fargo & Co reaffirmed a “buy” rating on shares of Parker-Hannifin in a research report on Tuesday, May 29th. Buckingham Research lowered their price objective on shares of Parker-Hannifin from $210.00 to $195.00 and set a “hold” rating on the stock in a research report on Friday, April 27th. Citigroup lowered their price objective on shares of Parker-Hannifin from $205.00 to $180.00 and set a “neutral” rating on the stock in a research report on Monday, April 30th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $200.00 price objective on shares of Parker-Hannifin in a research report on Wednesday, March 7th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $200.00 price objective (down previously from $232.00) on shares of Parker-Hannifin in a research report on Monday, April 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $200.40.
Shares of Parker-Hannifin traded up $1.40, hitting $173.54, during trading hours on Thursday, according to MarketBeat. The company’s stock had a trading volume of 3,319 shares, compared to its average volume of 1,153,911. The company has a market capitalization of $23.20 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 1.76 and a beta of 1.42. The company has a quick ratio of 1.09, a current ratio of 1.59 and a debt-to-equity ratio of 0.82. Parker-Hannifin Corp has a 52-week low of $153.65 and a 52-week high of $212.80.
Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, April 26th. The industrial products company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.18. The firm had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.67 billion. Parker-Hannifin had a net margin of 7.16% and a return on equity of 23.63%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned $2.11 earnings per share. sell-side analysts expect that Parker-Hannifin Corp will post 10.08 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 1st. Stockholders of record on Thursday, May 10th were paid a $0.76 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Wednesday, May 9th. This represents a $3.04 annualized dividend and a dividend yield of 1.75%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 37.48%.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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