Parker-Hannifin Corporation $PH Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. cut its holdings in Parker-Hannifin Corporation (NYSE:PH) by 1.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,361 shares of the industrial products company’s stock after selling 3,464 shares during the quarter. Parker-Hannifin accounts for 1.2% of Congress Asset Management Co.’s investment portfolio, making the stock its 15th largest position. Congress Asset Management Co.’s holdings in Parker-Hannifin were worth $163,803,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Parker-Hannifin by 10.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 155,360 shares of the industrial products company’s stock worth $136,555,000 after acquiring an additional 14,726 shares in the last quarter. Diversified Trust Co. lifted its holdings in Parker-Hannifin by 411.0% during the fourth quarter. Diversified Trust Co. now owns 3,853 shares of the industrial products company’s stock valued at $3,387,000 after purchasing an additional 3,099 shares in the last quarter. FOCUS Wealth Advisors LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at about $231,000. 180 Wealth Advisors LLC grew its position in shares of Parker-Hannifin by 1.9% in the fourth quarter. 180 Wealth Advisors LLC now owns 652 shares of the industrial products company’s stock valued at $573,000 after purchasing an additional 12 shares during the period. Finally, Baker Tilly Wealth Management LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth about $218,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Up 1.3%

Shares of NYSE PH opened at $906.47 on Tuesday. The stock has a market cap of $114.41 billion, a PE ratio of 33.06, a P/E/G ratio of 2.88 and a beta of 1.23. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $1,034.96. The company has a 50-day moving average of $957.53 and a 200 day moving average of $865.45.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping 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 company’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.53 EPS. As a group, sell-side 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. Shareholders of record on Friday, February 6th were paid 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 yield of 0.8%. Parker-Hannifin’s payout ratio is 26.26%.

Analyst Ratings Changes

PH has been the subject of several research analyst reports. Jefferies Financial Group upped their price target on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Wells Fargo & Company boosted their price objective on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. increased their target price on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a report on Friday, January 30th. Stifel Nicolaus raised their target price on Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Finally, Barclays lifted their price target on Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Sixteen investment 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 target price of $995.37.

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,664 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 1,457 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $946.48, for a total value of $1,379,021.36. Following the transaction, the vice president owned 2,580 shares in the company, valued at approximately $2,441,918.40. This represents a 36.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 10,063 shares of company stock worth $9,891,214 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

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.