Summit Financial LLC Sells 96 Shares of Parker-Hannifin Co. (NYSE:PH)

Summit Financial LLC decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,799 shares of the industrial products company’s stock after selling 96 shares during the quarter. Summit Financial LLC’s holdings in Parker-Hannifin were worth $1,290,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Alphinity Investment Management Pty Ltd acquired a new stake in Parker-Hannifin during the 3rd quarter worth approximately $310,208,000. FMR LLC boosted its position in Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after purchasing an additional 324,063 shares during the period. International Assets Investment Management LLC boosted its position in Parker-Hannifin by 65,634.7% during the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after purchasing an additional 219,220 shares during the period. Envestnet Asset Management Inc. boosted its position in Parker-Hannifin by 52.0% during the third quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock worth $197,255,000 after purchasing an additional 173,323 shares during the period. Finally, iA Global Asset Management Inc. bought a new position in Parker-Hannifin during the third quarter worth $58,601,000. Institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at approximately $3,552,265.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is currently owned by corporate insiders.

Parker-Hannifin Price Performance

PH stock traded down $24.96 during midday trading on Thursday, reaching $518.00. The company had a trading volume of 454,689 shares, compared to its average volume of 586,074. The company has a market capitalization of $66.52 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The stock has a 50 day moving average price of $544.84 and a 200-day moving average price of $481.32. Parker-Hannifin Co. has a 1-year low of $319.14 and a 1-year high of $570.15. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. Parker-Hannifin’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.76 earnings per share. Equities research analysts expect that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be paid a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.26%. Parker-Hannifin’s payout ratio is presently 29.31%.

Analysts Set New Price Targets

PH has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Barclays lifted their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. KeyCorp boosted their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, Evercore ISI boosted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.