Highbridge Capital Management LLC purchased a new position in Parker-Hannifin Corp (NYSE:PH) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 12,563 shares of the industrial products company’s stock, valued at approximately $2,311,000.
Several other large investors have also recently modified their holdings of the company. Vulcan Value Partners LLC boosted its stake in Parker-Hannifin by 97.5% during the second quarter. Vulcan Value Partners LLC now owns 3,178,193 shares of the industrial products company’s stock worth $495,321,000 after buying an additional 1,569,099 shares during the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in Parker-Hannifin during the second quarter worth $214,250,000. Janus Henderson Group PLC boosted its stake in Parker-Hannifin by 27.5% during the second quarter. Janus Henderson Group PLC now owns 2,541,885 shares of the industrial products company’s stock worth $396,154,000 after buying an additional 548,399 shares during the last quarter. Millennium Management LLC boosted its stake in Parker-Hannifin by 3,693.0% during the second quarter. Millennium Management LLC now owns 509,140 shares of the industrial products company’s stock worth $79,349,000 after buying an additional 495,717 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Parker-Hannifin by 3,349.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 383,413 shares of the industrial products company’s stock worth $70,521,000 after buying an additional 372,299 shares during the last quarter. 79.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have weighed in on the company. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $200.00 to $212.00 and gave the stock a “buy” rating in a research note on Monday, September 24th. Wells Fargo & Co boosted their price objective on Parker-Hannifin from $185.00 to $193.00 and gave the stock a “market perform” rating in a research note on Thursday, September 27th. Deutsche Bank boosted their price objective on Parker-Hannifin from $176.00 to $184.00 and gave the stock a “hold” rating in a research note on Friday, September 28th. Buckingham Research raised Parker-Hannifin from a “neutral” rating to a “buy” rating in a research note on Friday, September 14th. Finally, Barclays assumed coverage on Parker-Hannifin in a research note on Thursday, September 6th. They set an “overweight” rating and a $200.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $186.72.
Shares of Parker-Hannifin stock opened at $157.04 on Friday. Parker-Hannifin Corp has a 52 week low of $143.00 and a 52 week high of $212.80. The firm has a market capitalization of $21.62 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 1.25 and a beta of 1.56. The company has a current ratio of 1.60, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71.
Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, November 1st. The industrial products company reported $2.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.53 by $0.31. Parker-Hannifin had a return on equity of 25.49% and a net margin of 7.98%. The business had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the prior year, the company posted $2.24 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Equities analysts forecast that Parker-Hannifin Corp will post 11.61 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 7th. Stockholders of record on Friday, November 9th were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 1.94%. The ex-dividend date was Thursday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.17%.
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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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