Parker-Hannifin Co. (NYSE:PH) Stake Boosted by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its stake in Parker-Hannifin Co. (NYSE:PH) by 14.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,778 shares of the industrial products company’s stock after purchasing an additional 5,174 shares during the quarter. Russell Investments Group Ltd.’s holdings in Parker-Hannifin were worth $22,689,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings 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 buying an additional 336,370 shares during the last quarter. Baird Financial Group Inc. lifted its holdings 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 buying an additional 25,060 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of 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 last quarter. Finally, AMF Tjanstepension AB increased its position in shares of Parker-Hannifin by 12.9% during the first quarter. AMF Tjanstepension AB now owns 616,400 shares of the industrial products company’s stock valued at $342,660,000 after purchasing an additional 70,237 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of a number of research reports. Raymond James initiated coverage on Parker-Hannifin in a research report on Friday, June 28th. They set an “outperform” rating and a $610.00 price objective on the stock. Mizuho upgraded 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. Barclays lowered their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Bank of America upped their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, KeyCorp upped their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $567.81.

Parker-Hannifin Trading Down 0.6 %

Shares of Parker-Hannifin stock traded down $3.65 during trading hours on Wednesday, hitting $565.03. The company’s stock had a trading volume of 314,426 shares, compared to its average volume of 652,655. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $570.15. The stock has a 50 day moving average of $525.30 and a 200 day moving average of $521.63. The company has a market capitalization of $72.63 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 2.12 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.15%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction that occurred 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 directly owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Company 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.