DAGCO Inc. reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,603 shares of the industrial products company’s stock after selling 253 shares during the period. Parker-Hannifin comprises 1.2% of DAGCO Inc.’s holdings, making the stock its 27th biggest position. DAGCO Inc.’s holdings in Parker-Hannifin were worth $2,398,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in PH. Park Avenue Securities LLC boosted its holdings in Parker-Hannifin by 17.4% during the first quarter. Park Avenue Securities LLC now owns 1,126 shares of the industrial products company’s stock worth $355,000 after buying an additional 167 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Parker-Hannifin by 95.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 244,736 shares of the industrial products company’s stock worth $77,785,000 after buying an additional 119,294 shares during the period. Wilkinson Global Asset Management LLC purchased a new position in Parker-Hannifin during the first quarter worth about $951,000. Parsons Capital Management Inc. RI boosted its stake in Parker-Hannifin by 10.7% during the first quarter. Parsons Capital Management Inc. RI now owns 3,092 shares of the industrial products company’s stock worth $975,000 after buying an additional 300 shares during the period. Finally, Manning & Napier Group LLC boosted its stake in Parker-Hannifin by 1.7% during the first quarter. Manning & Napier Group LLC now owns 47,732 shares of the industrial products company’s stock worth $15,055,000 after buying an additional 776 shares during the period. 77.44% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Linda S. Harty sold 7,719 shares of the business’s stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $311.69, for a total value of $2,405,935.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Roger S. Sherrard sold 850 shares of the company’s stock in a transaction dated Wednesday, March 10th. The shares were sold at an average price of $302.39, for a total transaction of $257,031.50. Following the transaction, the vice president now directly owns 74,593 shares of the company’s stock, valued at approximately $22,556,177.27. The disclosure for this sale can be found here. Insiders sold a total of 12,565 shares of company stock valued at $3,912,596 in the last three months. 1.47% of the stock is currently owned by corporate insiders.
Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, April 29th. The industrial products company reported $4.11 EPS for the quarter, beating analysts’ consensus estimates of $3.78 by $0.33. Parker-Hannifin had a net margin of 8.75% and a return on equity of 22.77%. The business had revenue of $3.75 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company posted $2.92 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, analysts predict that Parker-Hannifin Co. will post 12.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 4th. Investors of record on Friday, May 7th will be paid a $1.03 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, May 6th. This represents a $4.12 annualized dividend and a yield of 1.34%. Parker-Hannifin’s payout ratio is presently 32.62%.
PH has been the subject of several research analyst reports. Barclays increased their target price on shares of Parker-Hannifin from $330.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Credit Suisse Group raised their price objective on shares of Parker-Hannifin from $331.00 to $355.00 and gave the company an “outperform” rating in a research note on Friday, February 5th. Jefferies Financial Group raised their price objective on shares of Parker-Hannifin from $280.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, January 15th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $320.00 to $343.00 in a research note on Friday, February 5th. Finally, Morgan Stanley lifted their price target on shares of Parker-Hannifin from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Monday, April 19th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $319.50.
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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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