Parker-Hannifin Corp. (PH) Stake Lowered by Pacific Heights Asset Management LLC
Pacific Heights Asset Management LLC lowered its stake in Parker-Hannifin Corp. (NYSE:PH) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 133,000 shares of the company’s stock after selling 2,000 shares during the period. Parker-Hannifin Corp. comprises 1.3% of Pacific Heights Asset Management LLC’s investment portfolio, making the stock its 24th largest position. Pacific Heights Asset Management LLC’s holdings in Parker-Hannifin Corp. were worth $14,371,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in PH. NN Investment Partners Holdings N.V. purchased a new position in shares of Parker-Hannifin Corp. during the first quarter worth about $101,000. Checchi Capital Advisers LLC boosted its position in shares of Parker-Hannifin Corp. by 1.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,653 shares of the company’s stock valued at $179,000 after buying an additional 31 shares during the period. Rehmann Capital Advisory Group bought a new position in shares of Parker-Hannifin Corp. during the first quarter valued at $202,000. Acadian Asset Management LLC bought a new position in shares of Parker-Hannifin Corp. during the second quarter valued at $222,000. Finally, Fox Run Management L.L.C. bought a new position in shares of Parker-Hannifin Corp. during the second quarter valued at $238,000. 80.67% of the stock is owned by institutional investors.
Parker-Hannifin Corp. (NYSE:PH) traded down 0.66% on Monday, reaching $124.70. The company’s stock had a trading volume of 1,194,898 shares. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $126.59. The stock has a 50-day moving average of $123.19 and a 200-day moving average of $115.24. The stock has a market cap of $16.70 billion, a P/E ratio of 21.17 and a beta of 1.49.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.93 billion. Parker-Hannifin Corp. had a return on equity of 18.37% and a net margin of 7.10%. The company’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 earnings per share. On average, analysts predict that Parker-Hannifin Corp. will post $6.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Monday, August 29th were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Thursday, August 25th. Parker-Hannifin Corp.’s dividend payout ratio is 42.86%.
Several equities analysts have weighed in on the company. Argus restated a “neutral” rating on shares of Parker-Hannifin Corp. in a research note on Thursday, August 18th. KeyCorp restated a “buy” rating and set a $136.00 price objective on shares of Parker-Hannifin Corp. in a research note on Thursday, September 8th. Deutsche Bank AG restated a “hold” rating and set a $109.00 price objective on shares of Parker-Hannifin Corp. in a research note on Thursday, August 25th. Goldman Sachs Group Inc. raised their price objective on Parker-Hannifin Corp. from $91.00 to $101.00 and gave the company a “sell” rating in a research note on Friday, August 5th. Finally, Jefferies Group raised their price objective on Parker-Hannifin Corp. from $100.00 to $110.00 and gave the company a “hold” rating in a research note on Friday, August 5th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $113.75.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of the stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $124.51, for a total value of $1,748,493.93. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Martin C. Maxwell sold 893 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $120.62, for a total value of $107,713.66. Following the completion of the transaction, the vice president now directly owns 39,451 shares in the company, valued at approximately $4,758,579.62. The disclosure for this sale can be found here. 2.73% of the stock is owned by company insiders.
About Parker-Hannifin Corp.
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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