Jennison Associates LLC Trims Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Jennison Associates LLC trimmed its position in Parker-Hannifin Corporation (NYSE:PH) by 5.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 308,098 shares of the industrial products company’s stock after selling 18,683 shares during the quarter. Jennison Associates LLC owned about 0.24% of Parker-Hannifin worth $187,277,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. HUB Investment Partners LLC boosted its stake in 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 worth $4,960,000 after purchasing an additional 1,057 shares during the period. SG Americas Securities LLC increased its stake in Parker-Hannifin by 27.2% in the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company’s stock worth $18,850,000 after purchasing an additional 6,630 shares during the period. Congress Wealth Management LLC DE increased its stake in shares of Parker-Hannifin by 67.8% during 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 buying an additional 18,503 shares during the period. Alley Investment Management Company LLC purchased a new position in shares of Parker-Hannifin during the first quarter valued at $7,996,000. Finally, Washington Trust Bank increased its stake in shares of Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company’s stock valued at $9,881,000 after buying an additional 15,037 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Up 2.3%

Shares of NYSE PH opened at $726.28 on Friday. The stock has a market capitalization of $92.80 billion, a P/E ratio of 27.94, a PEG ratio of 3.05 and a beta of 1.34. The stock’s 50 day moving average price is $679.48 and its two-hundred day moving average price is $647.91. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $736.75. 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 (NYSE:PH) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $6.51 EPS. On average, analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.99%. Parker-Hannifin’s dividend payout ratio is 27.72%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stifel Nicolaus raised their price target on Parker-Hannifin from $670.00 to $709.00 and gave the stock a “hold” rating in a report on Friday, July 11th. KeyCorp lifted their target price on Parker-Hannifin from $735.00 to $790.00 and gave the stock an “overweight” rating in a report on Tuesday. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an “overweight” rating in a report on Wednesday, July 9th. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Finally, Morgan Stanley boosted their price target on Parker-Hannifin from $700.00 to $725.00 and gave the company an “equal weight” rating in a report on Wednesday, July 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $739.12.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the company’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 transaction, the vice president directly owned 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.39% of the company’s stock.

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.