Cornerstone Advisors LLC Sells 500 Shares of Parker-Hannifin Co. (NYSE:PH)

Cornerstone Advisors LLC lowered its position in shares of Parker-Hannifin Co. (NYSE:PH) by 9.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,600 shares of the industrial products company’s stock after selling 500 shares during the period. Cornerstone Advisors LLC’s holdings in Parker-Hannifin were worth $2,119,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PH. Beaumont Asset Management L.L.C. boosted its holdings in Parker-Hannifin by 0.8% in the fourth quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock worth $1,415,000 after purchasing an additional 24 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC boosted its holdings in Parker-Hannifin by 0.7% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,637 shares of the industrial products company’s stock worth $1,417,000 after purchasing an additional 25 shares during the last quarter. M&R Capital Management Inc. boosted its stake in shares of Parker-Hannifin by 25.0% during the 4th quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 25 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Parker-Hannifin by 0.7% during the 4th quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock worth $1,730,000 after acquiring an additional 25 shares during the last quarter. Finally, Keel Point LLC boosted its stake in shares of Parker-Hannifin by 3.1% during the 4th quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock worth $388,000 after acquiring an additional 25 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 0.5 %

Shares of PH opened at $548.03 on Tuesday. The firm has a market capitalization of $70.44 billion, a P/E ratio of 25.83, a P/E/G ratio of 1.88 and a beta of 1.51. Parker-Hannifin Co. has a 12-month low of $319.14 and a 12-month high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The firm has a fifty day moving average price of $548.76 and a 200-day moving average price of $497.72.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $5.93 earnings per share. Equities research analysts expect that Parker-Hannifin Co. will post 24.82 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.19%. Parker-Hannifin’s payout ratio is presently 30.73%.

Analyst Ratings Changes

Several research analysts have recently weighed in on PH shares. Bank of America lifted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday. Stifel Nicolaus lifted their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Evercore ISI increased their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. KeyCorp upped their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Barclays decreased their target price on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $560.20.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.