Fisher Asset Management LLC Raises Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Fisher Asset Management LLC lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 3.6% in the fourth quarter, HoldingsChannel reports. The firm owned 390,094 shares of the industrial products company’s stock after purchasing an additional 13,482 shares during the quarter. Fisher Asset Management LLC’s holdings in Parker-Hannifin were worth $179,717,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. FMR LLC grew its stake in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after buying an additional 324,063 shares in the last quarter. Norges Bank bought a new position in shares of Parker-Hannifin in the 4th quarter valued at about $665,188,000. Northern Trust Corp grew its position in Parker-Hannifin by 2.9% in the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock worth $510,320,000 after acquiring an additional 36,744 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its stake in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock worth $521,861,000 after acquiring an additional 336,370 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock valued at $320,173,000 after purchasing an additional 25,060 shares during the period. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

PH has been the topic of several analyst reports. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. KeyCorp raised their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $566.33.

Insider Buying and Selling

In other news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jay Reidy sold 572 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Down 4.8 %

NYSE PH traded down $25.60 during trading on Friday, hitting $503.30. The company’s stock had a trading volume of 1,363,822 shares, compared to its average volume of 711,687. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $570.15. The company has a market cap of $64.69 billion, a PE ratio of 23.72, a P/E/G ratio of 2.01 and a beta of 1.46. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The business’s 50 day simple moving average is $539.62 and its 200-day simple moving average is $511.37.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the business earned $5.93 EPS. Parker-Hannifin’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities analysts anticipate that Parker-Hannifin Co. will post 24.84 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.30%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

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.