iA Global Asset Management Inc. Boosts Stake in Parker-Hannifin Co. (NYSE:PH)

iA Global Asset Management Inc. grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 16.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 175,527 shares of the industrial products company’s stock after acquiring an additional 24,538 shares during the period. Parker-Hannifin comprises about 1.0% of iA Global Asset Management Inc.’s investment portfolio, making the stock its 29th biggest holding. iA Global Asset Management Inc. owned approximately 0.14% of Parker-Hannifin worth $88,783,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PH. Norges Bank acquired a new stake in Parker-Hannifin during the fourth quarter valued at approximately $665,188,000. Kodai Capital Management LP acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $122,449,000. 1832 Asset Management L.P. lifted its stake in Parker-Hannifin by 305.0% during the first quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock worth $171,069,000 after purchasing an additional 231,788 shares during the last quarter. AMF Tjanstepension AB lifted its stake in Parker-Hannifin by 23.0% during the second quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Finally, Groupama Asset Managment acquired a new position in Parker-Hannifin in the fourth quarter worth $63,043,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 1.5 %

Shares of NYSE PH traded up $8.98 during mid-day trading on Friday, reaching $600.20. The company had a trading volume of 560,798 shares, compared to its average volume of 659,459. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $601.30. The stock’s 50 day moving average is $545.14 and its 200-day moving average is $540.24. The stock has a market capitalization of $77.15 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 2.37 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $6.08 earnings per share. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.09%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Analyst Upgrades and Downgrades

PH has been the subject of a number of analyst reports. Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Evercore ISI boosted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Finally, Robert W. Baird raised their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $620.14.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

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.