US Bancorp DE increased its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,570 shares of the industrial products company’s stock after acquiring an additional 1,492 shares during the quarter. US Bancorp DE’s holdings in Parker-Hannifin were worth $12,060,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Nippon Life Global Investors Americas Inc. boosted its stake in Parker-Hannifin by 13.0% during the third quarter. Nippon Life Global Investors Americas Inc. now owns 17,240 shares of the industrial products company’s stock worth $3,170,000 after acquiring an additional 1,990 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Parker-Hannifin by 3,349.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 383,413 shares of the industrial products company’s stock valued at $70,521,000 after buying an additional 372,299 shares in the last quarter. Emerald Advisers Inc. PA lifted its stake in shares of Parker-Hannifin by 41.9% in the third quarter. Emerald Advisers Inc. PA now owns 17,253 shares of the industrial products company’s stock valued at $3,173,000 after buying an additional 5,094 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Parker-Hannifin in the third quarter valued at $293,000. Finally, Clear Harbor Asset Management LLC lifted its stake in shares of Parker-Hannifin by 1.0% in the third quarter. Clear Harbor Asset Management LLC now owns 63,687 shares of the industrial products company’s stock valued at $9,343,000 after buying an additional 642 shares in the last quarter. 79.34% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP William R. Bowman sold 2,400 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $175.36, for a total transaction of $420,864.00. Following the completion of the sale, the vice president now owns 1,325 shares in the company, valued at $232,352. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joseph R. Leonti sold 1,605 shares of the firm’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $176.56, for a total transaction of $283,378.80. Following the sale, the vice president now owns 15,731 shares of the company’s stock, valued at approximately $2,777,465.36. The disclosure for this sale can be found here. Company insiders own 1.12% of the company’s stock.
Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, November 1st. The industrial products company reported $2.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.53 by $0.31. The company had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.54 billion. Parker-Hannifin had a net margin of 7.98% and a return on equity of 25.49%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.24 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin Corp will post 11.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 9th will be issued a dividend of $0.76 per share. The ex-dividend date is Thursday, November 8th. This represents a $3.04 dividend on an annualized basis and a yield of 1.78%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.17%.
PH has been the topic of a number of recent research reports. Goldman Sachs Group lowered shares of Parker-Hannifin from a “buy” rating to a “neutral” rating and set a $164.00 price objective on the stock. in a research note on Monday, July 16th. Buckingham Research raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating in a research note on Friday, September 14th. ValuEngine raised shares of Parker-Hannifin from a “sell” rating to a “hold” rating in a research note on Tuesday. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $200.00 to $212.00 and gave the company a “buy” rating in a research note on Monday, September 24th. Finally, Argus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $176.00 target price for the company. in a report on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target 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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