Norinchukin Bank The Boosts Holdings in Parker-Hannifin Corp (PH)
Norinchukin Bank The grew its holdings in shares of Parker-Hannifin Corp (NYSE:PH) by 13.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,024 shares of the industrial products company’s stock after acquiring an additional 1,960 shares during the quarter. Norinchukin Bank The’s holdings in Parker-Hannifin were worth $3,131,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of PH. Vulcan Value Partners LLC raised its stake in shares of Parker-Hannifin by 97.5% during the second quarter. Vulcan Value Partners LLC now owns 3,178,193 shares of the industrial products company’s stock worth $495,321,000 after acquiring an additional 1,569,099 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new position in shares of Parker-Hannifin in the second quarter worth $214,250,000. Janus Henderson Group PLC increased its stake in shares of Parker-Hannifin by 27.5% in the second quarter. Janus Henderson Group PLC now owns 2,541,885 shares of the industrial products company’s stock worth $396,154,000 after buying an additional 548,399 shares during the period. Millennium Management LLC increased its stake in shares of Parker-Hannifin by 3,693.0% in the second quarter. Millennium Management LLC now owns 509,140 shares of the industrial products company’s stock worth $79,349,000 after buying an additional 495,717 shares during the period. Finally, Cornerstone Wealth Management LLC increased its stake in shares of Parker-Hannifin by 16,700.2% in the second quarter. Cornerstone Wealth Management LLC now owns 420,341 shares of the industrial products company’s stock worth $2,693,000 after buying an additional 417,839 shares during the period. 78.23% of the stock is currently owned by hedge funds and other institutional investors.
In other Parker-Hannifin news, VP William R. Bowman sold 2,400 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $175.36, for a total value of $420,864.00. Following the completion of the transaction, the vice president now owns 1,325 shares of the company’s stock, valued at approximately $232,352. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Joseph R. Leonti sold 1,605 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $176.56, for a total value of $283,378.80. Following the completion of the transaction, 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 insiders.
Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, November 1st. The industrial products company reported $2.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.53 by $0.31. Parker-Hannifin had a return on equity of 25.49% and a net margin of 7.98%. The business had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the previous year, the firm earned $2.24 EPS. Parker-Hannifin’s revenue was up 3.4% on a year-over-year basis. Sell-side analysts forecast that Parker-Hannifin Corp will post 11.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 9th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date is Thursday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.17%.
Several brokerages recently commented on PH. ValuEngine raised shares of Parker-Hannifin from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. Gordon Haskett assumed coverage on shares of Parker-Hannifin in a report on Friday, October 12th. They issued a “sell” rating on the stock. Wells Fargo & Co reiterated a “hold” rating on shares of Parker-Hannifin in a report on Friday, August 3rd. Citigroup dropped their target price on shares of Parker-Hannifin from $185.00 to $178.00 and set a “neutral” rating on the stock in a report on Friday, November 2nd. Finally, Credit Suisse Group dropped their target price on shares of Parker-Hannifin from $214.00 to $210.00 and set an “outperform” rating on the stock in a report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $186.72.
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.
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