Commerzbank Aktiengesellschaft FI increased its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 9.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,763 shares of the industrial products company’s stock after acquiring an additional 3,933 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Parker-Hannifin were worth $8,085,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in PH. Nuveen Asset Management LLC boosted its stake in shares of Parker-Hannifin by 1,570.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,260,165 shares of the industrial products company’s stock valued at $384,251,000 after purchasing an additional 2,124,824 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its stake in shares of Parker-Hannifin by 99.3% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 2,529,745 shares of the industrial products company’s stock valued at $326,638,000 after purchasing an additional 1,260,312 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Parker-Hannifin by 14.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,912,823 shares of the industrial products company’s stock worth $827,567,000 after buying an additional 622,437 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in Parker-Hannifin by 10.2% during the 2nd quarter. Longview Partners Guernsey LTD now owns 6,642,630 shares of the industrial products company’s stock worth $1,129,314,000 after buying an additional 616,196 shares in the last quarter. Finally, Thoroughbred Financial Services LLC lifted 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 worth $51,156,000 after buying an additional 508,670 shares in the last quarter. 80.32% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently issued reports on PH shares. Goldman Sachs Group downgraded shares of Parker-Hannifin from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $178.00 to $150.00 in a research report on Tuesday, July 16th. Stifel Nicolaus dropped their price objective on Parker-Hannifin from $176.00 to $174.00 and set a “hold” rating for the company in a report on Monday, October 7th. Wolfe Research set a $189.00 price objective on Parker-Hannifin and gave the stock a “hold” rating in a report on Friday, November 1st. BMO Capital Markets boosted their price objective on Parker-Hannifin to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, ValuEngine raised Parker-Hannifin from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $185.85.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.12. The firm had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.33 billion. Parker-Hannifin had a return on equity of 25.74% and a net margin of 10.41%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.84 EPS. Equities analysts anticipate that Parker-Hannifin Corp will post 10.71 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, November 7th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.70%.
In related news, COO Lee C. Banks sold 18,989 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $180.95, for a total value of $3,436,059.55. Following the transaction, the chief operating officer now directly owns 92,617 shares of the company’s stock, valued at $16,759,046.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas L. Williams sold 32,109 shares of Parker-Hannifin stock in a transaction that occurred 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 directly owns 130,176 shares in the company, valued at $23,520,199.68. The disclosure for this sale can be found here. Insiders sold 66,136 shares of company stock worth $12,079,422 over the last ninety days. 1.23% of the stock is currently owned by insiders.
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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