Pegasus Asset Management Inc. bought a new stake in shares of Parker-Hannifin Corp (NYSE:PH) in the third quarter, Holdings Channel reports. The institutional investor bought 10,883 shares of the industrial products company’s stock, valued at approximately $2,002,000. Parker-Hannifin accounts for approximately 1.7% of Pegasus Asset Management Inc.’s portfolio, making the stock its 28th largest position.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in shares of Parker-Hannifin in the 3rd quarter worth $125,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Parker-Hannifin by 5,815.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 769 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 756 shares in the last quarter. Zions Bancorporation bought a new position in shares of Parker-Hannifin in the 3rd quarter worth $161,000. Manchester Capital Management LLC raised its position in shares of Parker-Hannifin by 55.9% in the 2nd quarter. Manchester Capital Management LLC now owns 976 shares of the industrial products company’s stock worth $152,000 after acquiring an additional 350 shares in the last quarter. Finally, North Point Portfolio Managers Corp OH bought a new position in shares of Parker-Hannifin in the 3rd quarter worth $200,000. 79.34% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Joseph R. Leonti sold 1,605 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $176.56, for a total value of $283,378.80. Following the sale, the vice president now owns 15,731 shares in the company, valued at $2,777,465.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William R. Bowman sold 2,400 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $175.36, for a total value of $420,864.00. Following the completion of the sale, the vice president now owns 1,325 shares in the company, valued at approximately $232,352. The disclosure for this sale can be found here. 1.12% of the stock is currently owned by insiders.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, November 1st. The industrial products company reported $2.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.53 by $0.31. The business had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.54 billion. Parker-Hannifin had a return on equity of 25.49% and a net margin of 7.98%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.24 EPS. As a group, analysts predict that Parker-Hannifin Corp will post 11.55 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 9th will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $3.04 annualized dividend and a yield of 1.81%. Parker-Hannifin’s payout ratio is presently 29.17%.
Several research analysts have recently commented on PH shares. MED lowered Parker-Hannifin from a “buy” rating to a “hold” rating and set a $169.00 price target for the company. in a research report on Thursday, July 12th. Deutsche Bank set a $169.00 price target on Parker-Hannifin and gave the stock a “hold” rating in a research report on Thursday, July 12th. Goldman Sachs Group lowered Parker-Hannifin from a “buy” rating to a “neutral” rating and set a $164.00 price target for the company. in a research report on Monday, July 16th. Jefferies Financial Group reissued a “$162.10” rating and issued a $170.00 price target on shares of Parker-Hannifin in a research report on Wednesday, July 18th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $190.00 price target on shares of Parker-Hannifin in a research report on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. Parker-Hannifin currently has a consensus rating of “Hold” and a consensus target price of $186.72.
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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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