Corundum Group Inc. Takes Position in Parker-Hannifin Corporation $PH

Corundum Group Inc. purchased a new position in shares of Parker-Hannifin Corporation (NYSE:PH) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 696 shares of the industrial products company’s stock, valued at approximately $612,000.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after buying an additional 101 shares during the period. Bison Wealth LLC lifted its stake in shares of Parker-Hannifin by 4.5% in the 4th quarter. Bison Wealth LLC now owns 749 shares of the industrial products company’s stock worth $476,000 after acquiring an additional 32 shares during the period. Empowered Funds LLC lifted its stake in shares of Parker-Hannifin by 0.5% in the 1st quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company’s stock worth $1,759,000 after acquiring an additional 15 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Parker-Hannifin by 26.2% in the first quarter. Acadian Asset Management LLC now owns 799 shares of the industrial products company’s stock valued at $484,000 after acquiring an additional 166 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its holdings in shares of Parker-Hannifin by 3.6% in the second quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock valued at $300,000 after acquiring an additional 15 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of PH opened at $920.42 on Thursday. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,034.96. The company has a 50-day simple moving average of $956.92 and a 200-day simple moving average of $866.99. The company has a market capitalization of $116.18 billion, a PE ratio of 33.57, a P/E/G ratio of 2.98 and a beta of 1.23.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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 net margin of 17.29% and a return on equity of 27.56%. During the same quarter in the prior year, the company earned $6.53 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Stockholders 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 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is 26.26%.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Matthew A. Jacobson sold 564 shares of the company’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 value of $535,766.16. Following the sale, the vice president owned 1,000 shares in the company, valued at $949,940. This represents a 36.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Andrew D. Ross sold 4,664 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the transaction, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at $13,106,880. The trade was a 26.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 10,063 shares of company stock worth $9,891,214. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. KeyCorp reissued an “overweight” rating and set a $1,100.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. BNP Paribas Exane initiated coverage on Parker-Hannifin in a report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Wall Street Zen raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Wednesday, February 4th. Finally, Morgan Stanley increased their target price on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 24th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $995.37.

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.