Beutel Goodman & Co Ltd. trimmed its holdings in Parker-Hannifin Corp (NYSE:PH) by 2.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,237,866 shares of the industrial products company’s stock after selling 30,824 shares during the quarter. Parker-Hannifin accounts for about 1.3% of Beutel Goodman & Co Ltd.’s portfolio, making the stock its 21st biggest holding. Beutel Goodman & Co Ltd. owned 0.93% of Parker-Hannifin worth $176,133,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Oppenheimer Asset Management Inc. raised its holdings in Parker-Hannifin by 50.7% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,026 shares of the industrial products company’s stock worth $316,000 after buying an additional 682 shares during the period. Commonwealth Bank of Australia raised its holdings in Parker-Hannifin by 2.7% during the 2nd quarter. Commonwealth Bank of Australia now owns 13,810 shares of the industrial products company’s stock worth $2,146,000 after buying an additional 361 shares during the period. Northern Trust Corp raised its holdings in Parker-Hannifin by 1.0% during the 2nd quarter. Northern Trust Corp now owns 1,646,375 shares of the industrial products company’s stock worth $256,588,000 after buying an additional 16,377 shares during the period. Investec Asset Management LTD raised its holdings in Parker-Hannifin by 40.8% during the 2nd quarter. Investec Asset Management LTD now owns 824,658 shares of the industrial products company’s stock worth $128,523,000 after buying an additional 238,927 shares during the period. Finally, Armbruster Capital Management Inc. raised its holdings in Parker-Hannifin by 34.6% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,362 shares of the industrial products company’s stock worth $212,000 after buying an additional 350 shares during the period. 79.12% of the stock is owned by institutional investors.
Several research firms have issued reports on PH. ValuEngine upgraded Parker-Hannifin from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. MED downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $169.00 price objective on the stock. in a report on Thursday, July 12th. Deutsche Bank set a $169.00 price objective on Parker-Hannifin and gave the stock a “hold” rating in a report on Thursday, July 12th. Gordon Haskett began coverage on Parker-Hannifin in a report on Friday, October 12th. They set a “sell” rating on the stock. Finally, Cowen restated a “hold” rating and set a $165.00 price objective on shares of Parker-Hannifin in a report on Friday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $187.17.
Shares of PH opened at $151.63 on Thursday. The stock has a market capitalization of $19.64 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 1.15 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 quick ratio of 1.08 and a current ratio of 1.59.
Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 2nd. The industrial products company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.31. The company had revenue of $3.82 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.45 EPS. On average, sell-side analysts expect that Parker-Hannifin Corp will post 11.41 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 9th will be issued a $0.76 dividend. The ex-dividend date is Thursday, November 8th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.00%. Parker-Hannifin’s dividend payout ratio is 29.17%.
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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