Parker-Hannifin Corp (PH) Position Lowered by State Treasurer State of Michigan
State Treasurer State of Michigan lessened its holdings in shares of Parker-Hannifin Corp (NYSE:PH) by 1.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,295 shares of the industrial products company’s stock after selling 600 shares during the quarter. State Treasurer State of Michigan’s holdings in Parker-Hannifin were worth $6,401,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in Parker-Hannifin in the fourth quarter worth $26,000. Dubuque Bank & Trust Co. raised its holdings in Parker-Hannifin by 97.5% in the first quarter. Dubuque Bank & Trust Co. now owns 158 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 78 shares in the last quarter. First Mercantile Trust Co. raised its holdings in Parker-Hannifin by 58.3% in the fourth quarter. First Mercantile Trust Co. now owns 190 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 70 shares in the last quarter. Athena Capital Advisors LLC bought a new position in Parker-Hannifin in the fourth quarter worth $32,000. Finally, Gemmer Asset Management LLC raised its holdings in Parker-Hannifin by 162.3% in the first quarter. Gemmer Asset Management LLC now owns 202 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 81.32% of the company’s stock.
In other Parker-Hannifin news, VP Andrew M. Weeks sold 4,520 shares of the stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $176.70, for a total value of $798,684.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Todd M. Leombruno sold 784 shares of the stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $177.55, for a total value of $139,199.20. Following the completion of the transaction, the vice president now directly owns 2,913 shares in the company, valued at approximately $517,203.15. The disclosure for this sale can be found here. In the last three months, insiders sold 8,644 shares of company stock worth $1,513,697. 1.12% of the stock is owned by corporate insiders.
Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.16. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the prior year, the company earned $2.80 earnings per share. Parker-Hannifin’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts predict that Parker-Hannifin Corp will post 11.66 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a $0.88 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $3.52 dividend on an annualized basis and a yield of 2.11%. Parker-Hannifin’s dividend payout ratio is currently 33.78%.
A number of research firms have issued reports on PH. Citigroup increased their price objective on Parker-Hannifin from $178.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, May 6th. Morgan Stanley set a $179.00 target price on Parker-Hannifin and gave the stock a “hold” rating in a research note on Friday, May 3rd. Stifel Nicolaus increased their target price on Parker-Hannifin from $171.00 to $182.00 and gave the stock a “hold” rating in a research note on Tuesday, April 16th. Barclays increased their target price on Parker-Hannifin from $178.00 to $186.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 3rd. Finally, Robert W. Baird set a $180.00 price objective on Parker-Hannifin and gave the company a “buy” rating in a research report on Saturday, February 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $182.35.
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Parker-Hannifin Company Profile
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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