Parker-Hannifin Corporation $PH Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 3.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,171,677 shares of the industrial products company’s stock after selling 43,865 shares during the quarter. Franklin Resources Inc.’s holdings in Parker-Hannifin were worth $888,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Chilton Capital Management LLC purchased a new stake in Parker-Hannifin in the 3rd quarter valued at about $29,000. Ameriflex Group Inc. boosted its stake in Parker-Hannifin by 366.7% during the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock worth $32,000 after buying an additional 33 shares during the period. Valley Wealth Managers Inc. acquired a new stake in shares of Parker-Hannifin during the third quarter valued at about $36,000. State of Wyoming acquired a new stake in shares of Parker-Hannifin during the second quarter valued at about $38,000. Finally, Financial Consulate Inc. purchased a new stake in shares of Parker-Hannifin in the 3rd quarter valued at approximately $47,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, CFO Todd M. Leombruno sold 2,062 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the sale, the chief financial officer owned 20,610 shares in the company, valued at $20,658,227.40. This represents a 9.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Andrew D. Ross sold 4,664 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the sale, the chief operating officer directly owned 13,120 shares in the company, valued at $13,106,880. This represents a 26.23% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 12,551 shares of company stock valued at $12,117,502. 0.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PH. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Jefferies Financial Group boosted their target price on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. raised their price target on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Finally, iA Financial set a $1,032.00 price objective on Parker-Hannifin in a research note on Thursday, January 29th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $995.37.

Parker-Hannifin Trading Up 1.9%

Shares of PH stock opened at $949.78 on Wednesday. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $1,034.96. The company has a 50 day moving average price of $958.04 and a 200 day moving average price of $856.23. The stock has a market capitalization of $119.88 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 3.00 and a beta of 1.23. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the business earned $6.53 EPS. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. Equities research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were given a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s dividend payout ratio is currently 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.