Element Capital Management LLC Buys New Shares in Parker-Hannifin Corporation $PH

Element Capital Management LLC purchased a new position in shares of Parker-Hannifin Corporation (NYSE:PH) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 663 shares of the industrial products company’s stock, valued at approximately $503,000. Parker-Hannifin comprises 0.7% of Element Capital Management LLC’s investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds also recently made changes to their positions in PH. Texas Capital Bancshares Inc TX purchased a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $25,000. Chilton Capital Management LLC purchased a new position in shares of Parker-Hannifin in the 3rd quarter worth $29,000. Ameriflex Group Inc. boosted its holdings in Parker-Hannifin by 366.7% in the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 33 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in Parker-Hannifin during the third quarter valued at about $36,000. Finally, Johnson Financial Group Inc. grew its position in Parker-Hannifin by 84.6% during the third quarter. Johnson Financial Group Inc. now owns 48 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 22 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Citigroup raised their price objective on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Barclays increased their target price on shares of Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. KeyCorp restated an “overweight” rating and issued a $1,100.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $941.00 to $965.00 and gave the stock a “hold” rating in a research note on Friday, January 30th. Finally, Jefferies Financial Group increased their price objective on shares of Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $995.37.

Insiders Place Their Bets

In related news, VP Berend Bracht sold 1,457 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total transaction of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares of the company’s stock, valued at approximately $2,441,918.40. This trade represents a 36.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Todd M. Leombruno sold 2,062 shares of Parker-Hannifin stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the sale, the chief financial officer directly owned 20,610 shares in the company, valued at $20,658,227.40. This trade represents a 9.09% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 10,063 shares of company stock valued at $9,891,214. Corporate insiders own 0.32% of the company’s stock.

Parker-Hannifin Price Performance

PH stock opened at $890.28 on Friday. The firm has a market cap of $112.37 billion, a P/E ratio of 32.47, a price-to-earnings-growth ratio of 2.87 and a beta of 1.23. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $1,034.96. The stock has a 50-day simple moving average of $959.64 and a 200-day simple moving average of $858.78.

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

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were paid a $1.80 dividend. The ex-dividend date was Friday, February 6th. This represents a $7.20 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin’s dividend payout ratio is 26.26%.

About Parker-Hannifin

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.