Washington Trust Bank lessened its stake in Parker-Hannifin Corporation (NYSE:PH – Free Report) by 11.4% in the second quarter, Holdings Channel reports. The fund owned 12,655 shares of the industrial products company’s stock after selling 1,623 shares during the quarter. Parker-Hannifin makes up about 0.9% of Washington Trust Bank’s holdings, making the stock its 29th biggest holding. Washington Trust Bank’s holdings in Parker-Hannifin were worth $12,378,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of PH. Archer Investment Corp purchased a new stake in shares of Parker-Hannifin during the second quarter valued at approximately $28,000. HFM Investment Advisors LLC boosted its stake in shares of Parker-Hannifin by 1,000.0% in the fourth quarter. HFM Investment Advisors LLC now owns 33 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 30 shares during the period. Texas Capital Bancshares Inc TX acquired a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Lloyd Advisory Services LLC. purchased a new stake in Parker-Hannifin during the 4th quarter worth $31,000. Finally, NFSG Corp increased its stake in Parker-Hannifin by 94.4% during the 1st quarter. NFSG Corp now owns 35 shares of the industrial products company’s stock worth $31,000 after buying an additional 17 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.
Parker-Hannifin Price Performance
Shares of PH stock opened at $995.24 on Friday. The firm has a market cap of $125.45 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.59 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.26 and a quick ratio of 0.74. Parker-Hannifin Corporation has a 1-year low of $715.37 and a 1-year high of $1,099.94. The firm has a fifty day moving average of $991.71 and a two-hundred day moving average of $950.48.
Parker-Hannifin Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 31st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Parker-Hannifin’s payout ratio is currently 28.08%.
Analysts Set New Price Targets
PH has been the subject of a number of analyst reports. BNP Paribas Exane reissued an “outperform” rating and issued a $1,220.00 price objective (up from $1,090.00) on shares of Parker-Hannifin in a research report on Friday, August 7th. Stifel Nicolaus set a $1,075.00 target price on Parker-Hannifin in a research report on Friday, August 7th. Susquehanna boosted their price target on Parker-Hannifin from $1,100.00 to $1,250.00 and gave the stock a “positive” rating in a research note on Friday, August 7th. Wells Fargo & Company reduced their price target on Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Parker-Hannifin in a research note on Friday, July 17th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,100.00.
Get Our Latest Stock Analysis on Parker-Hannifin
Insider Transactions at Parker-Hannifin
In other Parker-Hannifin news, VP Berend Bracht sold 602 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the sale, the vice president owned 4,399 shares in the company, valued at $4,577,027.53. This represents a 12.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.32% of the stock is owned by insiders.
About Parker-Hannifin
Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.
Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.
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