Point72 Asia Singapore Pte. Ltd. raised its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 71.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,153 shares of the industrial products company's stock after buying an additional 1,317 shares during the quarter. Point72 Asia Singapore Pte. Ltd.'s holdings in Parker-Hannifin were worth $1,992,000 as of its most recent SEC filing.
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Other hedge funds and other institutional investors also recently modified their holdings of the company. Wilkinson Global Asset Management LLC boosted its position in Parker-Hannifin by 59.1% during the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company's stock worth $24,700,000 after acquiring an additional 14,526 shares during the period. Banco Santander S.A. grew its position in Parker-Hannifin by 11.9% in the third quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company's stock worth $9,147,000 after buying an additional 1,544 shares during the last quarter. Ritholtz Wealth Management increased its holdings in shares of Parker-Hannifin by 88.4% in the third quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company's stock valued at $931,000 after buying an additional 691 shares in the last quarter. Deltec Asset Management LLC acquired a new stake in shares of Parker-Hannifin during the 2nd quarter valued at $506,000. Finally, FMR LLC boosted its stake in shares of Parker-Hannifin by 7.1% during the 3rd quarter. FMR LLC now owns 4,116,257 shares of the industrial products company's stock worth $2,600,733,000 after acquiring an additional 272,531 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on PH shares. Robert W. Baird boosted their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Mizuho upped their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. KeyCorp lifted their target price on shares of Parker-Hannifin from $725.00 to $775.00 and gave the stock an "overweight" rating in a research report on Thursday, November 21st. Raymond James upped their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a research report on Wednesday, September 4th. Finally, Evercore ISI lifted their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an "outperform" rating in a research report on Monday, August 19th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $691.40.
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Insider Buying and Selling
In other news, COO Andrew D. Ross sold 4,864 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company's stock, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,077 shares of company stock valued at $12,303,829. Insiders own 0.39% of the company's stock.
Parker-Hannifin Stock Up 0.0 %
Shares of NYSE PH traded up $0.30 during mid-day trading on Monday, reaching $703.20. 135,402 shares of the company traded hands, compared to its average volume of 637,871. The company's fifty day moving average is $656.37 and its two-hundred day moving average is $585.92. Parker-Hannifin Co. has a fifty-two week low of $431.98 and a fifty-two week high of $712.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The stock has a market cap of $90.52 billion, a PE ratio of 31.75, a price-to-earnings-growth ratio of 2.84 and a beta of 1.43.
Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating analysts' consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the firm posted $5.96 earnings per share. The company's quarterly revenue was up 1.2% compared to the same quarter last year. On average, analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.
Parker-Hannifin Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be paid a $1.63 dividend. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin's payout ratio is presently 29.45%.
About Parker-Hannifin
(Free Report)
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.
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