Connable Office Inc. Acquires 683 Shares of Parker-Hannifin Corporation $PH

Connable Office Inc. boosted its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 23.6% in the third quarter, Holdings Channel.com reports. The fund owned 3,579 shares of the industrial products company’s stock after buying an additional 683 shares during the quarter. Connable Office Inc.’s holdings in Parker-Hannifin were worth $2,713,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its position in Parker-Hannifin by 20.1% in the second quarter. Quadrant Capital Group LLC now owns 3,610 shares of the industrial products company’s stock valued at $2,521,000 after buying an additional 604 shares in the last quarter. Procyon Advisors LLC lifted its stake in shares of Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares during the last quarter. ING Groep NV acquired a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $26,398,000. Wilkinson Global Asset Management LLC grew its position in Parker-Hannifin by 28.2% during the 3rd quarter. Wilkinson Global Asset Management LLC now owns 48,434 shares of the industrial products company’s stock worth $36,720,000 after acquiring an additional 10,653 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Parker-Hannifin in the 2nd quarter worth about $733,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

In related news, COO Andrew D. Ross sold 2,488 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $894.81, for a total transaction of $2,226,287.28. Following the completion of the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $11,739,907.20. This trade represents a 15.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at approximately $949,940. This trade represents a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,825 shares of company stock worth $5,391,341 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on PH shares. iA Financial set a $1,032.00 price target on Parker-Hannifin in a research note on Thursday, January 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. JPMorgan Chase & Co. upped their price target on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a research note on Friday, January 30th. Finally, Argus reissued a “buy” rating and issued a $900.00 price objective on shares of Parker-Hannifin in a research note on Monday, November 10th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $990.47.

Parker-Hannifin Stock Up 0.5%

Shares of NYSE PH opened at $996.34 on Thursday. The company’s 50 day moving average price is $916.02 and its 200-day moving average price is $820.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,012.49. The company has a market capitalization of $125.76 billion, a P/E ratio of 36.34, a price-to-earnings-growth ratio of 3.20 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.11 by $0.54. The company had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. Parker-Hannifin’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company posted $6.53 earnings per share. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s payout ratio is currently 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.