Meadow Creek Investment Management LLC Buys 6,104 Shares of Parker-Hannifin Corp (NYSE:PH)
Meadow Creek Investment Management LLC raised its stake in Parker-Hannifin Corp (NYSE:PH) by 158.0% in the second quarter, Holdings Channel reports. The fund owned 9,968 shares of the industrial products company’s stock after purchasing an additional 6,104 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Parker-Hannifin were worth $1,695,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of PH. JPMorgan Chase & Co. increased its stake in shares of Parker-Hannifin by 14.5% in the second quarter. JPMorgan Chase & Co. now owns 4,912,823 shares of the industrial products company’s stock valued at $827,567,000 after buying an additional 622,437 shares during the period. Thoroughbred Financial Services LLC increased its position in Parker-Hannifin by 17,582.8% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 511,563 shares of the industrial products company’s stock valued at $51,156,000 after purchasing an additional 508,670 shares during the period. Panagora Asset Management Inc. increased its position in Parker-Hannifin by 45.5% during the 2nd quarter. Panagora Asset Management Inc. now owns 967,572 shares of the industrial products company’s stock valued at $164,497,000 after purchasing an additional 302,629 shares during the period. Schroder Investment Management Group increased its position in Parker-Hannifin by 90.7% during the 2nd quarter. Schroder Investment Management Group now owns 584,888 shares of the industrial products company’s stock valued at $99,437,000 after purchasing an additional 278,180 shares during the period. Finally, First Trust Advisors LP increased its position in Parker-Hannifin by 268.3% during the 2nd quarter. First Trust Advisors LP now owns 263,063 shares of the industrial products company’s stock valued at $44,723,000 after purchasing an additional 191,644 shares during the period. 82.75% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Linda S. Harty bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were bought at an average cost of $158.39 per share, for a total transaction of $475,170.00. Following the acquisition, the director now directly owns 13,243 shares in the company, valued at $2,097,558.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas L. Williams sold 32,109 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $180.68, for a total value of $5,801,454.12. Following the completion of the transaction, the chief executive officer now owns 130,176 shares in the company, valued at $23,520,199.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,830 shares of company stock worth $9,550,382. 1.12% of the stock is owned by company insiders.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $3.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.22. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Parker-Hannifin had a return on equity of 26.11% and a net margin of 10.56%. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.22 EPS. On average, analysts expect that Parker-Hannifin Corp will post 11.95 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Tuesday, August 27th. Parker-Hannifin’s payout ratio is 29.70%.
PH has been the subject of a number of recent analyst reports. Bank of America downgraded shares of Parker-Hannifin from a “buy” rating to a “neutral” rating in a research report on Friday, July 12th. Wells Fargo & Co downgraded shares of Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 target price for the company. in a research report on Wednesday, July 10th. JPMorgan Chase & Co. downgraded shares of Parker-Hannifin from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $186.00 to $169.00 in a research report on Wednesday, July 10th. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $164.00 to $176.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Finally, Zacks Investment Research downgraded shares of Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 target price for the company. in a research report on Wednesday, July 17th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $176.55.
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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