Brown Advisory Inc. boosted its position in shares of Parker-Hannifin Co. (NYSE:PH – Get Rating) by 17.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,151 shares of the industrial products company’s stock after purchasing an additional 9,271 shares during the quarter. Brown Advisory Inc.’s holdings in Parker-Hannifin were worth $18,086,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of PH. Arlington Partners LLC purchased a new stake in Parker-Hannifin during the fourth quarter worth $29,000. Align Wealth Management LLC purchased a new stake in Parker-Hannifin during the fourth quarter worth $38,000. BDO Wealth Advisors LLC boosted its position in Parker-Hannifin by 32.7% during the fourth quarter. BDO Wealth Advisors LLC now owns 134 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 33 shares in the last quarter. Accurate Wealth Management LLC purchased a new stake in Parker-Hannifin during the fourth quarter worth $42,000. Finally, CoreCap Advisors LLC purchased a new stake in Parker-Hannifin during the fourth quarter worth $44,000. 81.32% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on PH. StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $385.00 to $366.00 and set an “overweight” rating on the stock in a research report on Thursday, April 13th. Stifel Nicolaus upped their price objective on Parker-Hannifin from $376.00 to $383.00 and gave the company a “buy” rating in a research report on Monday, April 17th. BMO Capital Markets upped their price objective on Parker-Hannifin from $390.00 to $405.00 in a research report on Tuesday, May 9th. Finally, Robert W. Baird upped their price objective on Parker-Hannifin from $411.00 to $415.00 in a research report on Friday, May 5th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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 EPS for the quarter, topping the consensus estimate of $5.01 by $0.92. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.79 billion. Parker-Hannifin had a return on equity of 29.14% and a net margin of 8.28%. The firm’s revenue was up 23.9% on a year-over-year basis. During the same period in the prior year, the firm posted $4.83 earnings per share. As a group, research analysts forecast that Parker-Hannifin Co. will post 20.89 earnings per share for the current year.
Parker-Hannifin Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 2nd. Stockholders of record on Friday, May 12th were paid a $1.48 dividend. The ex-dividend date was Thursday, May 11th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.33. Parker-Hannifin’s dividend payout ratio (DPR) is 51.26%.
Insider Activity
In other news, VP Mark T. Czaja sold 600 shares of the stock in a transaction dated Tuesday, May 9th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Parker-Hannifin news, Vice Chairman Lee C. Banks sold 29,764 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $333.84, for a total transaction of $9,936,413.76. Following the completion of the sale, the insider now owns 110,476 shares in the company, valued at approximately $36,881,307.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Mark T. Czaja sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were 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 of the company’s stock, valued at approximately $755,217. The disclosure for this sale can be found here. Insiders own 1.37% of the company’s stock.
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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