Cypress Capital Management LLC Invests $2.89 Million in Parker-Hannifin Corp (PH) Stock
Cypress Capital Management LLC purchased a new stake in shares of Parker-Hannifin Corp (NYSE:PH) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 16,850 shares of the industrial products company’s stock, valued at approximately $2,892,000.
A number of other hedge funds have also recently added to or reduced their stakes in PH. JPMorgan Chase & Co. grew its position in Parker-Hannifin by 9.6% during the third quarter. JPMorgan Chase & Co. now owns 2,942,573 shares of the industrial products company’s stock valued at $541,228,000 after buying an additional 258,502 shares during the period. Standard Life Aberdeen plc grew its position in shares of Parker-Hannifin by 10.9% in the third quarter. Standard Life Aberdeen plc now owns 46,810 shares of the industrial products company’s stock valued at $8,610,000 after purchasing an additional 4,584 shares during the period. Legal & General Group Plc grew its position in shares of Parker-Hannifin by 6.1% in the third quarter. Legal & General Group Plc now owns 614,580 shares of the industrial products company’s stock valued at $113,040,000 after purchasing an additional 35,298 shares during the period. Vanguard Group Inc grew its position in shares of Parker-Hannifin by 1.1% in the third quarter. Vanguard Group Inc now owns 9,326,646 shares of the industrial products company’s stock valued at $1,715,450,000 after purchasing an additional 99,942 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Parker-Hannifin in the third quarter valued at about $294,000. Institutional investors own 81.32% of the company’s stock.
Shares of NYSE:PH traded down $0.31 during midday trading on Wednesday, hitting $166.59. The company’s stock had a trading volume of 7,774 shares, compared to its average volume of 958,147. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71. The company has a market cap of $21.27 billion, a P/E ratio of 15.98, a P/E/G ratio of 1.56 and a beta of 1.46. Parker-Hannifin Corp has a 12-month low of $140.82 and a 12-month high of $193.19.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $0.88 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $0.76. This represents a $3.52 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 33.78%.
In other news, VP Roger S. Sherrard sold 2,040 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $171.80, for a total value of $350,472.00. Following the transaction, the vice president now directly owns 62,620 shares of the company’s stock, valued at $10,758,116. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Todd M. Leombruno sold 784 shares of the firm’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $177.55, for a total transaction of $139,199.20. Following the completion of the transaction, the vice president now directly owns 2,913 shares in the company, valued at $517,203.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,644 shares of company stock worth $1,513,697. Insiders own 1.12% of the company’s stock.
Several brokerages have recently issued reports on PH. Citigroup lifted their target price on shares of Parker-Hannifin from $178.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, May 6th. Zacks Investment Research upgraded shares of Parker-Hannifin from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. Stifel Nicolaus lifted their target price on shares of Parker-Hannifin from $171.00 to $182.00 and gave the company a “hold” rating in a research report on Tuesday, April 16th. Morgan Stanley set a $179.00 target price on shares of Parker-Hannifin and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, Vertical Research lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $175.00 target price on the stock. in a research report on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $182.35.
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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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