King Luther Capital Management Corp Decreases Holdings in Parker-Hannifin Co. (NYSE:PH)

King Luther Capital Management Corp lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 44.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 139,584 shares of the industrial products company's stock after selling 111,183 shares during the quarter. King Luther Capital Management Corp owned 0.11% of Parker-Hannifin worth $88,192,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PH. Addison Advisors LLC purchased a new stake in Parker-Hannifin during the 2nd quarter worth $25,000. West Branch Capital LLC acquired a new stake in shares of Parker-Hannifin during the third quarter valued at about $25,000. Bangor Savings Bank increased its position in shares of Parker-Hannifin by 238.5% during the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Fortitude Family Office LLC lifted its stake in shares of Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Finally, Crewe Advisors LLC purchased a new position in Parker-Hannifin in the first quarter valued at about $38,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Insiders Place Their Bets

In related news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares of the company's stock, valued at $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,927 shares of company stock worth $12,807,811. 0.39% of the stock is owned by corporate insiders.

Parker-Hannifin Stock Up 0.1 %

PH stock opened at $690.43 on Thursday. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm's 50-day simple moving average is $642.71 and its 200 day simple moving average is $578.38. The stock has a market cap of $88.87 billion, a PE ratio of 31.18, a price-to-earnings-growth ratio of 2.78 and a beta of 1.43. Parker-Hannifin Co. has a fifty-two week low of $426.49 and a fifty-two week high of $711.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS 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 firm had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.90 billion. During the same period last year, the firm earned $5.96 EPS. The firm's revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

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 given a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.94%. Parker-Hannifin's dividend payout ratio is presently 29.45%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PH. Argus upped their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. TD Cowen upped their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a report on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a report on Friday, August 9th. Robert W. Baird upped their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Finally, Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $688.07.

Parker-Hannifin 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.

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