HighTower Advisors LLC lessened its position in shares of Parker-Hannifin Corporation (NYSE:PH – Free Report) by 3.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,132 shares of the industrial products company’s stock after selling 2,584 shares during the quarter. HighTower Advisors LLC owned about 0.05% of Parker-Hannifin worth $65,663,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Fideuram Asset Management Ireland dac purchased a new stake in Parker-Hannifin during the 4th quarter valued at approximately $1,253,000. Proficio Capital Partners LLC grew its stake in shares of Parker-Hannifin by 234.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 1,954 shares of the industrial products company’s stock valued at $1,911,000 after purchasing an additional 1,369 shares during the last quarter. BNP Paribas increased its holdings in shares of Parker-Hannifin by 4.1% in the second quarter. BNP Paribas now owns 54,208 shares of the industrial products company’s stock valued at $52,717,000 after purchasing an additional 2,121 shares during the period. Shepherd Street Advisors LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $1,736,000. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $11,434,000. Institutional investors and hedge funds own 82.44% of the company’s stock.
Parker-Hannifin Stock Down 0.0%
Shares of NYSE PH opened at $962.40 on Tuesday. The stock has a market capitalization of $121.31 billion, a price-to-earnings ratio of 33.78, a price-to-earnings-growth ratio of 2.62 and a beta of 1.13. Parker-Hannifin Corporation has a 52 week low of $715.37 and a 52 week high of $1,099.94. The firm has a 50-day moving average price of $991.19 and a 200 day moving average price of $948.80. The company has a quick ratio of 0.74, a current ratio of 1.26 and a debt-to-equity ratio of 0.44.
Parker-Hannifin Dividend Announcement
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 dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.00 annualized dividend and a yield of 0.8%. Parker-Hannifin’s payout ratio is currently 28.08%.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on PH. BNP Paribas Exane reiterated 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. KeyCorp upped their price objective on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Citigroup lifted their target price on shares of Parker-Hannifin from $1,141.00 to $1,232.00 and gave the company a “buy” rating in a report on Friday, August 7th. Stifel Nicolaus set a $1,075.00 price target on shares of Parker-Hannifin in a research note on Friday, August 7th. Finally, Wall Street Zen cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,114.55.
Read Our Latest Research Report on PH
Insider Transactions at Parker-Hannifin
In other Parker-Hannifin news, VP Berend Bracht sold 602 shares of the business’s stock in a transaction 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 directly owned 4,399 shares in the company, valued at approximately $4,577,027.53. The trade was a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.32% of the company’s stock.
Parker-Hannifin Profile
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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