Cibc World Market Inc. Lowers Stake in Parker-Hannifin Corporation $PH

Cibc World Market Inc. trimmed its holdings in Parker-Hannifin Corporation (NYSE:PH) by 17.0% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 16,910 shares of the industrial products company’s stock after selling 3,458 shares during the period. Cibc World Market Inc.’s holdings in Parker-Hannifin were worth $12,820,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PH. Chilton Capital Management LLC purchased a new stake in Parker-Hannifin during the 3rd quarter valued at approximately $29,000. Interchange Capital Partners LLC purchased a new stake in shares of Parker-Hannifin during the second quarter worth approximately $31,000. Valley Wealth Managers Inc. acquired a new stake in shares of Parker-Hannifin during the third quarter worth $36,000. State of Wyoming purchased a new position in Parker-Hannifin in the 2nd quarter valued at $38,000. Finally, Princeton Global Asset Management LLC increased its stake in Parker-Hannifin by 56.1% in the 2nd quarter. Princeton Global Asset Management LLC now owns 64 shares of the industrial products company’s stock valued at $45,000 after buying an additional 23 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Berend Bracht sold 1,457 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total transaction of $1,379,021.36. Following the completion of the transaction, the vice president directly owned 2,580 shares of the company’s stock, valued at $2,441,918.40. This trade represents a 36.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the transaction, the vice president owned 1,000 shares of the company’s stock, valued at $949,940. This represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 5,825 shares of company stock valued at $5,391,341. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on PH shares. Robert W. Baird set a $1,050.00 target price on shares of Parker-Hannifin in a research note on Friday, January 30th. JPMorgan Chase & Co. boosted their price target on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Argus restated a “buy” rating and issued a $900.00 price objective on shares of Parker-Hannifin in a research report on Monday, November 10th. Citigroup lifted their price objective on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a report on Friday, January 30th. Finally, Morgan Stanley reissued a “positive” rating on shares of Parker-Hannifin in a research note on Wednesday, January 14th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $990.47.

Parker-Hannifin Stock Performance

PH opened at $981.92 on Friday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $1,012.49. The stock has a market cap of $123.94 billion, a P/E ratio of 35.81, a P/E/G ratio of 3.21 and a beta of 1.25. The stock’s 50 day simple moving average is $918.20 and its 200 day simple moving average is $822.11. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66.

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

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 6th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Parker-Hannifin Profile

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.