Sierra Ocean LLC Buys 34 Shares of Parker-Hannifin Corporation (NYSE:PH)

Sierra Ocean LLC increased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 89.5% in the first quarter, Holdings Channel.com reports. The fund owned 72 shares of the industrial products company’s stock after buying an additional 34 shares during the quarter. Sierra Ocean LLC’s holdings in Parker-Hannifin were worth $44,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PH. Norges Bank bought a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $1,106,132,000. GAMMA Investing LLC increased its holdings in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock worth $1,054,870,000 after purchasing an additional 1,732,791 shares during the period. Royal Bank of Canada increased its holdings in Parker-Hannifin by 99.8% during the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock worth $1,448,241,000 after purchasing an additional 1,137,564 shares during the period. Capital World Investors purchased a new position in Parker-Hannifin during the 4th quarter worth $418,174,000. Finally, OMERS ADMINISTRATION Corp increased its holdings in Parker-Hannifin by 6,912.4% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company’s stock worth $198,742,000 after purchasing an additional 308,016 shares during the period. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Up 1.1%

Shares of PH stock opened at $719.15 on Friday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $720.90. The stock’s fifty day moving average price is $662.00 and its 200 day moving average price is $643.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The company has a market cap of $91.89 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the firm posted $6.51 EPS. The firm’s revenue was down 2.2% compared to the same quarter last year. On average, research analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 1.00%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin’s payout ratio is 27.72%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley assumed coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective on the stock. Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Barclays reduced their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company raised their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Finally, Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $719.41.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president directly owned 2,083 shares of the company’s stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin 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.