Front Street Capital Management Inc. Decreases Stake in Parker-Hannifin Co. (NYSE:PH)

Front Street Capital Management Inc. trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,934 shares of the industrial products company’s stock after selling 350 shares during the quarter. Parker-Hannifin comprises about 1.0% of Front Street Capital Management Inc.’s portfolio, making the stock its 25th largest holding. Front Street Capital Management Inc.’s holdings in Parker-Hannifin were worth $5,682,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PH. Whipplewood Advisors LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin in the fourth quarter valued at $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at $30,000. Bank of New Hampshire purchased a new stake in Parker-Hannifin during the 4th quarter worth about $35,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 0.3 %

Shares of NYSE:PH opened at $561.21 on Friday. The company has a market cap of $72.24 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 2.85 and a beta of 1.39. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The firm’s 50-day simple moving average is $621.56 and its 200-day simple moving average is $648.89. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.16%. Parker-Hannifin’s payout ratio is currently 26.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays cut their target price on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. UBS Group cut their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Wolfe Research cut shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, StockNews.com cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $705.35.

Parker-Hannifin Company Profile

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.