Parker-Hannifin Corporation $PH Shares Sold by DNB Asset Management AS

DNB Asset Management AS lessened its stake in Parker-Hannifin Corporation (NYSE:PH) by 12.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 48,265 shares of the industrial products company’s stock after selling 7,014 shares during the period. DNB Asset Management AS’s holdings in Parker-Hannifin were worth $36,592,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Choreo LLC raised its position in Parker-Hannifin by 9.8% during the third quarter. Choreo LLC now owns 6,196 shares of the industrial products company’s stock valued at $4,698,000 after acquiring an additional 551 shares in the last quarter. Interchange Capital Partners LLC grew its stake in shares of Parker-Hannifin by 19.2% during the 3rd quarter. Interchange Capital Partners LLC now owns 347 shares of the industrial products company’s stock worth $263,000 after purchasing an additional 56 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Parker-Hannifin by 4.3% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 260,342 shares of the industrial products company’s stock valued at $197,361,000 after purchasing an additional 10,752 shares in the last quarter. AlphaCore Capital LLC lifted its stake in shares of Parker-Hannifin by 8.2% in the 3rd quarter. AlphaCore Capital LLC now owns 3,848 shares of the industrial products company’s stock valued at $2,917,000 after purchasing an additional 290 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $5,437,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PH. Susquehanna reaffirmed a “positive” rating and issued a $1,000.00 price objective on shares of Parker-Hannifin in a report on Wednesday, November 12th. Argus restated a “buy” rating and set a $900.00 target price on shares of Parker-Hannifin in a research report on Monday, November 10th. iA Financial set a $1,032.00 price target on Parker-Hannifin in a research note on Thursday, January 29th. Citigroup increased their price target on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Stifel Nicolaus raised their price objective on Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a report on Friday, January 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $995.37.

Parker-Hannifin Trading Up 0.3%

PH stock opened at $1,014.95 on Friday. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $1,034.96. The business’s 50-day moving average is $944.58 and its 200 day moving average is $842.02. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $128.11 billion, a price-to-earnings ratio of 37.01, a PEG ratio of 3.26 and a beta of 1.25.

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

Parker-Hannifin Announces Dividend

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

Insiders Place Their Bets

In other Parker-Hannifin news, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the completion of the sale, the vice president owned 6,534 shares in the company, valued at approximately $6,207,626.70. This represents a 16.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,551 shares of company stock valued at $12,117,502. Corporate insiders own 0.32% of the company’s stock.

Parker-Hannifin Company 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.