Cornerstone Wealth Management LLC decreased its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 31.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 287,150 shares of the industrial products company’s stock after selling 133,191 shares during the period. Cornerstone Wealth Management LLC owned about 0.22% of Parker-Hannifin worth $1,619,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Vulcan Value Partners LLC lifted its holdings in Parker-Hannifin by 97.5% during the second quarter. Vulcan Value Partners LLC now owns 3,178,193 shares of the industrial products company’s stock worth $495,321,000 after acquiring an additional 1,569,099 shares during the period. Janus Henderson Group PLC lifted its holdings in Parker-Hannifin by 27.5% during the second quarter. Janus Henderson Group PLC now owns 2,541,885 shares of the industrial products company’s stock worth $396,154,000 after acquiring an additional 548,399 shares during the period. Northern Trust Corp lifted its holdings in Parker-Hannifin by 1.0% during the second quarter. Northern Trust Corp now owns 1,646,375 shares of the industrial products company’s stock worth $256,588,000 after acquiring an additional 16,377 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Parker-Hannifin by 5.1% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,612,883 shares of the industrial products company’s stock worth $251,368,000 after acquiring an additional 77,837 shares during the period. Finally, Boston Partners lifted its holdings in Parker-Hannifin by 20.2% during the second quarter. Boston Partners now owns 1,523,254 shares of the industrial products company’s stock worth $237,399,000 after acquiring an additional 256,495 shares during the period. 79.12% of the stock is currently owned by institutional investors.
Several analysts have issued reports on the company. ValuEngine upgraded Parker-Hannifin from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. MED lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $169.00 target price on the stock. in a research note on Thursday, July 12th. Deutsche Bank set a $169.00 target price on Parker-Hannifin and gave the company a “hold” rating in a research note on Thursday, July 12th. Gordon Haskett assumed coverage on Parker-Hannifin in a research note on Friday, October 12th. They issued a “sell” rating on the stock. Finally, Cowen restated a “hold” rating and issued a $165.00 target price on shares of Parker-Hannifin in a research note on Friday, July 20th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Parker-Hannifin presently has an average rating of “Hold” and a consensus price target of $187.17.
Shares of NYSE PH opened at $145.22 on Tuesday. The firm has a market capitalization of $19.26 billion, a PE ratio of 13.94, a P/E/G ratio of 1.13 and a beta of 1.41. Parker-Hannifin Corp has a fifty-two week low of $143.00 and a fifty-two week high of $212.80. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.59 and a quick ratio of 1.08.
Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 2nd. The industrial products company reported $3.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.91 by $0.31. The company had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $3.83 billion. Parker-Hannifin had a return on equity of 24.77% and a net margin of 7.42%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.45 earnings per share. As a group, equities research analysts predict that Parker-Hannifin Corp will post 11.41 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 9th will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.17%.
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 in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; 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; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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