Diamond Hill Capital Management Inc. Decreases Holdings in Parker-Hannifin Corporation $PH

Diamond Hill Capital Management Inc. decreased its stake in Parker-Hannifin Corporation (NYSE:PH) by 23.3% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 101,547 shares of the industrial products company’s stock after selling 30,810 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Parker-Hannifin were worth $76,988,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PH. Procyon Advisors LLC boosted its stake in Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares in the last quarter. Norges Bank acquired a new position in Parker-Hannifin during the second quarter worth approximately $1,352,509,000. Canada Pension Plan Investment Board lifted its stake in Parker-Hannifin by 115.7% in the second quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock valued at $256,970,000 after buying an additional 197,317 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Parker-Hannifin by 9.1% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock valued at $1,145,199,000 after acquiring an additional 136,359 shares during the period. Finally, Lazard Freres Gestion S.A.S. purchased a new position in shares of Parker-Hannifin during the third quarter worth approximately $103,284,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

NYSE:PH opened at $977.70 on Friday. The firm’s fifty day simple moving average is $908.41 and its 200-day simple moving average is $815.62. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $123.41 billion, a PE ratio of 35.66, a price-to-earnings-growth ratio of 3.33 and a beta of 1.25. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $989.13.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The firm had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business earned $6.53 earnings per share. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be given a $1.80 dividend. The ex-dividend date is Friday, February 6th. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. Parker-Hannifin’s dividend payout ratio is currently 26.26%.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 2,488 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $894.81, for a total transaction of $2,226,287.28. Following the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $11,739,907.20. This trade represents a 15.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the sale, the vice president owned 1,000 shares of the company’s stock, valued at approximately $949,940. This trade represents a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 10,769 shares of company stock worth $9,649,169. 0.32% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PH has been the subject of several research reports. JPMorgan Chase & Co. upped their price target on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. BNP Paribas Exane began coverage on Parker-Hannifin in a report on Thursday, December 4th. They set an “outperform” rating and a $1,020.00 price target on the stock. KeyCorp restated an “overweight” rating and issued a $1,100.00 price target on shares of Parker-Hannifin in a research report on Friday, January 30th. Finally, Wall Street Zen raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Wednesday. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $990.47.

Parker-Hannifin Company 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.