Parker-Hannifin Co. (NYSE:PH) Shares Bought by Meeder Advisory Services Inc.

Meeder Advisory Services Inc. raised its holdings in Parker-Hannifin Co. (NYSE:PH) by 2.0% during the first quarter, HoldingsChannel reports. The firm owned 2,929 shares of the industrial products company’s stock after buying an additional 57 shares during the period. Meeder Advisory Services Inc.’s holdings in Parker-Hannifin were worth $1,628,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd increased its stake in shares of 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 period. Baird Financial Group Inc. increased its stake in shares of 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 worth $320,173,000 after acquiring an additional 25,060 shares during the period. Wells Fargo & Company MN grew its position in Parker-Hannifin by 11.8% during the fourth quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock worth $290,382,000 after buying an additional 66,331 shares during the period. Finally, AMF Tjanstepension AB grew its position in Parker-Hannifin by 12.9% during the first quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock worth $342,660,000 after buying an additional 70,237 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at $609,989.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Berend Bracht sold 1,079 shares of the 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 completion of the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jay Reidy sold 572 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Stifel Nicolaus restated a “buy” rating and set a $629.00 target price on shares of Parker-Hannifin in a research report on Tuesday, July 2nd. Barclays lowered their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $550.00 to $650.00 in a research report on Tuesday, May 28th. Raymond James assumed coverage on shares of Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 target price on the stock. Finally, KeyCorp upped their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $567.81.

Parker-Hannifin Trading Up 1.3 %

Shares of PH traded up $6.84 on Monday, hitting $544.74. 697,248 shares of the stock traded hands, compared to its average volume of 651,933. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $70.02 billion, a P/E ratio of 25.67, a P/E/G ratio of 2.10 and a beta of 1.44. The stock’s 50 day moving average is $524.93 and its two-hundred day moving average is $520.87. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.93 earnings per share. As a group, sell-side analysts predict that Parker-Hannifin Co. will post 24.85 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were given a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.20%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Parker-Hannifin Profile

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.