New York Life Investment Management LLC Sells 1,759 Shares of Parker-Hannifin Co. (NYSE:PH)

New York Life Investment Management LLC reduced its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 9.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 17,253 shares of the industrial products company's stock after selling 1,759 shares during the period. New York Life Investment Management LLC's holdings in Parker-Hannifin were worth $10,973,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. Integrated Advisors Network LLC raised its stake in shares of Parker-Hannifin by 5.7% during the third quarter. Integrated Advisors Network LLC now owns 1,458 shares of the industrial products company's stock worth $921,000 after acquiring an additional 78 shares in the last quarter. Diversify Advisory Services LLC increased its holdings in shares of Parker-Hannifin by 29.8% in the third quarter. Diversify Advisory Services LLC now owns 558 shares of the industrial products company's stock worth $351,000 after buying an additional 128 shares during the period. Valmark Advisers Inc. bought a new stake in shares of Parker-Hannifin in the 3rd quarter valued at about $365,000. Fidelis Capital Partners LLC lifted its stake in shares of Parker-Hannifin by 6.5% in the 3rd quarter. Fidelis Capital Partners LLC now owns 965 shares of the industrial products company's stock valued at $608,000 after acquiring an additional 59 shares during the last quarter. Finally, SteelPeak Wealth LLC boosted its holdings in Parker-Hannifin by 78.4% during the 3rd quarter. SteelPeak Wealth LLC now owns 1,673 shares of the industrial products company's stock valued at $1,057,000 after acquiring an additional 735 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Citigroup initiated coverage on Parker-Hannifin in a research report on Friday, February 7th. They issued a "buy" rating and a $795.00 price objective for the company. Barclays decreased their target price on shares of Parker-Hannifin from $800.00 to $791.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. UBS Group dropped their price target on shares of Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Wolfe Research upgraded shares of Parker-Hannifin from a "peer perform" rating to an "outperform" rating and set a $786.00 price objective on the stock in a research report on Thursday, December 12th. Finally, Jefferies Financial Group increased their target price on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $739.06.

Parker-Hannifin Stock Down 2.9 %

Shares of NYSE PH traded down $19.55 on Monday, reaching $648.96. 1,127,200 shares of the company's stock traded hands, compared to its average volume of 679,144. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The business's 50 day simple moving average is $666.19 and its two-hundred day simple moving average is $649.64. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The company has a market cap of $83.53 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 2.85 and a beta of 1.45.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating analysts' consensus estimates 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 forecast that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.00%. Parker-Hannifin's dividend payout ratio is currently 26.99%.

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.