Oppenheimer & Co. Inc. trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH – Get Rating) by 64.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,804 shares of the industrial products company’s stock after selling 5,170 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Parker-Hannifin were worth $816,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arlington Partners LLC bought a new position in Parker-Hannifin during the 4th quarter worth $29,000. Align Wealth Management LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $38,000. BDO Wealth Advisors LLC boosted its holdings in Parker-Hannifin by 32.7% in the fourth quarter. BDO Wealth Advisors LLC now owns 134 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 33 shares during the last quarter. Accurate Wealth Management LLC acquired a new stake in Parker-Hannifin during the 4th quarter valued at approximately $42,000. Finally, Motco bought a new position in Parker-Hannifin during the 3rd quarter worth approximately $45,000. 81.32% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on PH. Mizuho increased their price objective on shares of Parker-Hannifin from $300.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, January 13th. Barclays lifted their price objective on Parker-Hannifin from $343.00 to $400.00 and gave the stock an “overweight” rating in a research report on Sunday, February 5th. Deutsche Bank Aktiengesellschaft raised their target price on Parker-Hannifin from $322.00 to $344.00 and gave the stock a “hold” rating in a research note on Wednesday, April 12th. Morgan Stanley boosted their price target on Parker-Hannifin from $311.00 to $374.00 and gave the company an “equal weight” rating in a research note on Friday, February 3rd. Finally, Robert W. Baird raised their price objective on shares of Parker-Hannifin from $411.00 to $415.00 in a research report on Friday, May 5th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $378.46.
Parker-Hannifin Stock Performance
Parker-Hannifin (NYSE:PH – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The industrial products company reported $5.93 earnings per share for the quarter, beating the consensus estimate of $5.01 by $0.92. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Parker-Hannifin had a net margin of 8.28% and a return on equity of 29.14%. The firm’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter last year, the firm earned $4.83 EPS. On average, analysts expect that Parker-Hannifin Co. will post 20.87 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Shareholders of record on Friday, May 12th will be paid a dividend of $1.48 per share. The ex-dividend date is Thursday, May 11th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.33. This represents a $5.92 annualized dividend and a yield of 1.82%. Parker-Hannifin’s dividend payout ratio (DPR) is 46.06%.
Insiders Place Their Bets
In other news, VP Mark T. Czaja sold 600 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $337.00, for a total value of $202,200.00. Following the completion of the sale, the vice president now owns 2,241 shares in the company, valued at $755,217. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Parker-Hannifin news, Vice Chairman Lee C. Banks sold 29,764 shares of the company’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $333.84, for a total value of $9,936,413.76. Following the completion of the transaction, the insider now owns 110,476 shares in the company, valued at approximately $36,881,307.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark T. Czaja sold 600 shares of Parker-Hannifin stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $337.00, for a total value of $202,200.00. Following the sale, the vice president now owns 2,241 shares in the company, valued at $755,217. The disclosure for this sale can be found here. Insiders have sold 68,462 shares of company stock valued at $23,573,112 in the last three months. 1.37% of the stock is currently owned by insiders.
Parker-Hannifin Company Profile
Parker-Hannifin Corp. engages in the manufacture of motion and control technologies and systems. It operates through Diversified Industrial and Aerospace Systems segments. The Diversified Industrial segment sells products to both original equipment manufacturers and distributors who serve the replacement markets in manufacturing, packaging, processing, transportation, mobile construction, refrigeration and air conditioning, agricultural and military machinery, and equipment industries.
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