Principal Financial Group Inc. lessened its holdings in Parker-Hannifin Co. (NYSE:PH) by 13.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,121,811 shares of the industrial products company’s stock after selling 179,088 shares during the quarter. Principal Financial Group Inc. owned 0.87% of Parker-Hannifin worth $344,519,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PH. IFM Investors Pty Ltd grew its stake in shares of Parker-Hannifin by 19.7% during the 2nd quarter. IFM Investors Pty Ltd now owns 17,017 shares of the industrial products company’s stock worth $5,226,000 after purchasing an additional 2,800 shares during the period. Commerce Bank boosted its holdings in Parker-Hannifin by 15.8% during the second quarter. Commerce Bank now owns 105,749 shares of the industrial products company’s stock worth $32,476,000 after buying an additional 14,432 shares in the last quarter. Rothschild & Co. Asset Management US Inc. grew its position in Parker-Hannifin by 2.9% during the first quarter. Rothschild & Co. Asset Management US Inc. now owns 385,214 shares of the industrial products company’s stock worth $121,507,000 after buying an additional 10,961 shares during the period. Convergence Investment Partners LLC increased its holdings in Parker-Hannifin by 14.8% in the second quarter. Convergence Investment Partners LLC now owns 1,024 shares of the industrial products company’s stock valued at $314,000 after buying an additional 132 shares in the last quarter. Finally, Kestra Advisory Services LLC lifted its position in shares of Parker-Hannifin by 70.4% during the 1st quarter. Kestra Advisory Services LLC now owns 4,917 shares of the industrial products company’s stock valued at $1,551,000 after acquiring an additional 2,032 shares during the period. Institutional investors own 79.08% of the company’s stock.
PH has been the subject of several research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $364.00 price objective on shares of Parker-Hannifin in a report on Friday, July 2nd. BMO Capital Markets boosted their price objective on shares of Parker-Hannifin from $365.00 to $375.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. KeyCorp increased their price objective on shares of Parker-Hannifin from $350.00 to $375.00 and gave the company an “overweight” rating in a research note on Tuesday, August 3rd. JPMorgan Chase & Co. initiated coverage on shares of Parker-Hannifin in a research report on Friday, September 10th. They set a “neutral” rating and a $300.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and lowered their price target for the company from $366.00 to $327.00 in a research report on Friday, August 6th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has a consensus rating of “Buy” and an average price target of $337.29.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 5th. The industrial products company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.32 by $0.06. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.93 billion. Parker-Hannifin had a return on equity of 26.68% and a net margin of 12.16%. The firm’s revenue was up 25.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.55 EPS. Sell-side analysts expect that Parker-Hannifin Co. will post 17 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Friday, August 27th were given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 1.44%. The ex-dividend date was Thursday, August 26th. Parker-Hannifin’s dividend payout ratio (DPR) is 27.39%.
Parker-Hannifin Corp. engages in the manufacture of motion and control technologies and systems. The firm also provides engineered solutions for mobile, industrial, and aerospace markets. It operates through the following segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers products to original equipment manufacturers.
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