CIBC Asset Management Inc Has $11.87 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

CIBC Asset Management Inc increased its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 8.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,782 shares of the industrial products company's stock after acquiring an additional 1,453 shares during the quarter. CIBC Asset Management Inc's holdings in Parker-Hannifin were worth $11,867,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Balboa Wealth Partners lifted its stake in Parker-Hannifin by 67.2% in the 3rd quarter. Balboa Wealth Partners now owns 1,428 shares of the industrial products company's stock worth $902,000 after acquiring an additional 574 shares in the last quarter. ING Groep NV increased its holdings in shares of Parker-Hannifin by 85.6% in the 3rd quarter. ING Groep NV now owns 40,641 shares of the industrial products company's stock valued at $25,678,000 after purchasing an additional 18,744 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Parker-Hannifin by 1.4% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,611 shares of the industrial products company's stock worth $2,282,000 after purchasing an additional 49 shares in the last quarter. Metis Global Partners LLC boosted its holdings in shares of Parker-Hannifin by 1.8% during the third quarter. Metis Global Partners LLC now owns 4,107 shares of the industrial products company's stock worth $2,595,000 after purchasing an additional 74 shares during the period. Finally, KBC Group NV grew its position in Parker-Hannifin by 272.7% during the third quarter. KBC Group NV now owns 38,633 shares of the industrial products company's stock valued at $24,409,000 after purchasing an additional 28,268 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $1.28 during trading hours on Friday, hitting $698.91. 530,753 shares of the company's stock were exchanged, compared to its average volume of 721,063. The stock has a market capitalization of $89.96 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.82 and a beta of 1.43. The company's 50-day moving average price is $636.19 and its 200-day moving average price is $575.15. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1-year low of $425.20 and a 1-year high of $711.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.90 billion. During the same period in the prior year, the business earned $5.96 earnings per share. Parker-Hannifin's revenue for the quarter was up 1.2% compared to the same quarter last year. On average, sell-side analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin's payout ratio is presently 29.45%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PH shares. Barclays lifted their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an "overweight" rating in a research note on Wednesday, October 2nd. Argus boosted their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. UBS Group assumed coverage on Parker-Hannifin in a research note on Wednesday. They set a "buy" rating and a $842.00 price target for the company. Raymond James boosted their price target on Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Finally, KeyCorp raised their price objective on shares of Parker-Hannifin from $640.00 to $725.00 and gave the company an "overweight" rating in a research report on Monday, October 14th. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $688.07.

Insider Buying and Selling

In related news, VP Joseph R. Leonti sold 5,877 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares of the company's stock, valued at $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now owns 13,120 shares of the company's stock, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,927 shares of company stock valued at $12,807,811 over the last three months. 0.39% of the stock is owned by corporate 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.