Carret Asset Management LLC Has $4.05 Million Holdings in Parker-Hannifin Corp (PH)

Carret Asset Management LLC lessened its holdings in Parker-Hannifin Corp (NYSE:PH) by 7.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 21,997 shares of the industrial products company’s stock after selling 1,740 shares during the period. Carret Asset Management LLC’s holdings in Parker-Hannifin were worth $4,046,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PH. Vulcan Value Partners LLC increased its stake in Parker-Hannifin by 97.5% in the 2nd quarter. Vulcan Value Partners LLC now owns 3,178,193 shares of the industrial products company’s stock worth $495,321,000 after buying an additional 1,569,099 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new position in shares of Parker-Hannifin during the second quarter valued at about $214,250,000. Janus Henderson Group PLC grew its position in shares of Parker-Hannifin by 27.5% during the second quarter. Janus Henderson Group PLC now owns 2,541,885 shares of the industrial products company’s stock valued at $396,154,000 after purchasing an additional 548,399 shares in the last quarter. Millennium Management LLC grew its position in shares of Parker-Hannifin by 3,693.0% during the second quarter. Millennium Management LLC now owns 509,140 shares of the industrial products company’s stock valued at $79,349,000 after purchasing an additional 495,717 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its position in shares of Parker-Hannifin by 16,700.2% during the second quarter. Cornerstone Wealth Management LLC now owns 420,341 shares of the industrial products company’s stock valued at $2,693,000 after purchasing an additional 417,839 shares in the last quarter. Institutional investors and hedge funds own 78.23% of the company’s stock.

Shares of NYSE:PH opened at $164.47 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.60 and a debt-to-equity ratio of 0.71. Parker-Hannifin Corp has a 12 month low of $143.00 and a 12 month high of $212.80. The stock has a market capitalization of $21.67 billion, a P/E ratio of 15.78, a price-to-earnings-growth ratio of 1.25 and a beta of 1.52.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, November 1st. The industrial products company reported $2.84 EPS for the quarter, beating the Zacks’ consensus estimate of $2.53 by $0.31. Parker-Hannifin had a net margin of 7.98% and a return on equity of 25.49%. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter last year, the firm earned $2.24 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, sell-side analysts forecast that Parker-Hannifin Corp will post 11.61 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 9th will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Thursday, November 8th. Parker-Hannifin’s payout ratio is 29.17%.

A number of research analysts have recently weighed in on PH shares. ValuEngine upgraded Parker-Hannifin from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. Wells Fargo & Co restated a “hold” rating on shares of Parker-Hannifin in a research report on Friday, August 3rd. Credit Suisse Group cut their price objective on Parker-Hannifin from $214.00 to $210.00 and set an “outperform” rating for the company in a research report on Friday, August 3rd. Robert W. Baird set a $190.00 price objective on Parker-Hannifin and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, Evercore ISI upgraded Parker-Hannifin from an “in-line” rating to an “outperform” rating in a research report on Monday, August 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. Parker-Hannifin has an average rating of “Hold” and a consensus target price of $186.72.

In other Parker-Hannifin 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 value of $420,864.00. Following the completion of the sale, the vice president now owns 1,325 shares of the company’s stock, valued at $232,352. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 completion of the sale, the vice president now directly 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. 1.12% of the stock is currently owned by company insiders.

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Parker-Hannifin Company Profile

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.

Read More: Intrinsic Value and Stock Selection

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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