Wellington Management Group LLP Cuts Stock Position in Parker-Hannifin Corporation $PH

Wellington Management Group LLP cut its holdings in Parker-Hannifin Corporation (NYSE:PH) by 41.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,452,615 shares of the industrial products company’s stock after selling 1,013,718 shares during the period. Wellington Management Group LLP’s holdings in Parker-Hannifin were worth $1,101,300,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Texas Capital Bancshares Inc TX bought a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $25,000. Chilton Capital Management LLC bought a new position in Parker-Hannifin in the 3rd quarter worth about $29,000. Ameriflex Group Inc. increased its stake in shares of Parker-Hannifin by 366.7% during the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock valued at $32,000 after buying an additional 33 shares during the period. Valley Wealth Managers Inc. purchased a new stake in shares of Parker-Hannifin in the 3rd quarter worth approximately $36,000. Finally, Johnson Financial Group Inc. increased its holdings in shares of Parker-Hannifin by 84.6% in the 3rd quarter. Johnson Financial Group Inc. now owns 48 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 22 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In other Parker-Hannifin news, CFO Todd M. Leombruno sold 2,062 shares of Parker-Hannifin stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the transaction, the chief financial officer owned 20,610 shares in the company, valued at approximately $20,658,227.40. This trade represents a 9.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Dinu J. Parel sold 1,316 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the completion of the transaction, the vice president owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. This represents a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,063 shares of company stock valued at $9,891,214 over the last quarter. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PH. Jefferies Financial Group raised their price target on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the company a “buy” rating in a report on Friday, January 30th. Wall Street Zen raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, February 4th. iA Financial set a $1,032.00 price objective on Parker-Hannifin in a report on Thursday, January 29th. BNP Paribas Exane started coverage on Parker-Hannifin in a research report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $995.37.

Parker-Hannifin Trading Down 1.3%

Shares of NYSE:PH opened at $890.28 on Friday. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,034.96. The stock has a market cap of $112.37 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 2.91 and a beta of 1.23. The business has a 50-day moving average price of $959.64 and a 200-day moving average price of $858.10.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The firm had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the firm earned $6.53 earnings per share. Parker-Hannifin’s revenue for the quarter was up 9.1% on a year-over-year basis. Equities analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were paid a $1.80 dividend. The ex-dividend date was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.