Oppenheimer Asset Management Inc. Reduces Stock Holdings in Parker-Hannifin Corporation $PH

Oppenheimer Asset Management Inc. lowered its holdings in Parker-Hannifin Corporation (NYSE:PH) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,132 shares of the industrial products company’s stock after selling 1,045 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Parker-Hannifin were worth $15,263,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Chilton Capital Management LLC acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $29,000. Interchange Capital Partners LLC acquired a new position in Parker-Hannifin in the second quarter valued at approximately $31,000. Valley Wealth Managers Inc. purchased a new stake in Parker-Hannifin in the 3rd quarter worth approximately $36,000. State of Wyoming acquired a new stake in shares of Parker-Hannifin during the 2nd quarter worth approximately $38,000. Finally, Financial Consulate Inc. purchased a new position in shares of Parker-Hannifin during the 3rd quarter valued at approximately $47,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In other news, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction that occurred on Monday, February 2nd. The shares were 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. The trade was a 36.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $950.05, for a total value of $1,250,265.80. Following the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. This trade represents a 16.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 10,769 shares of company stock valued at $9,649,169 in the last three months. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on PH. Argus restated a “buy” rating and set a $900.00 price target on shares of Parker-Hannifin in a research report on Monday, November 10th. Robert W. Baird set a $1,050.00 target price on Parker-Hannifin in a research report on Friday, January 30th. Wall Street Zen raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, February 4th. Jefferies Financial Group upped their target price on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Morgan Stanley reiterated a “positive” rating on shares of Parker-Hannifin in a research report on Wednesday, January 14th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $990.47.

Parker-Hannifin Stock Performance

PH opened at $978.49 on Tuesday. The firm has a market capitalization of $123.51 billion, a PE ratio of 35.69, a PEG ratio of 3.33 and a beta of 1.25. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $989.13. The firm’s 50-day moving average price is $910.86 and its 200 day moving average price is $817.98. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the company posted $6.53 EPS. As a group, sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

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

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.