Western Financial Corp CA Sells 81 Shares of Parker-Hannifin Corporation (NYSE:PH)

Western Financial Corp CA cut its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,209 shares of the industrial products company’s stock after selling 81 shares during the period. Western Financial Corp CA’s holdings in Parker-Hannifin were worth $735,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. HUB Investment Partners LLC raised its position in shares of Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after acquiring an additional 1,057 shares during the period. Congress Wealth Management LLC DE increased its stake in Parker-Hannifin by 67.8% in the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company’s stock valued at $29,135,000 after purchasing an additional 18,503 shares in the last quarter. Washington Trust Bank raised its holdings in Parker-Hannifin by 3,019.5% in the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock worth $9,881,000 after purchasing an additional 15,037 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Parker-Hannifin by 7.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company’s stock worth $42,801,000 after purchasing an additional 4,668 shares during the period. Finally, SG Americas Securities LLC grew its holdings in shares of Parker-Hannifin by 27.2% in the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock valued at $18,850,000 after buying an additional 6,630 shares during the period. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PH shares. Morgan Stanley assumed coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective on the stock. Stifel Nicolaus increased their price target on Parker-Hannifin from $630.00 to $670.00 and gave the stock a “hold” rating in a report on Monday, June 2nd. Mizuho set a $785.00 price target on Parker-Hannifin in a research report on Friday, May 16th. Citigroup cut their price objective on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Evercore ISI increased their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research note on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of PH opened at $674.34 on Thursday. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The stock has a market capitalization of $86.17 billion, a P/E ratio of 25.97, a P/E/G ratio of 3.15 and a beta of 1.34. The company has a 50 day moving average of $643.31 and a 200-day moving average of $642.43.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter last year, the firm earned $6.51 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.72%.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is owned by company insiders.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.