Red Cedar Investment Management LLC Reduces Position in Parker-Hannifin Co. (NYSE:PH)

Red Cedar Investment Management LLC lowered its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,247 shares of the industrial products company's stock after selling 1,750 shares during the quarter. Parker-Hannifin makes up approximately 0.7% of Red Cedar Investment Management LLC's holdings, making the stock its 19th biggest position. Red Cedar Investment Management LLC's holdings in Parker-Hannifin were worth $5,881,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. West Branch Capital LLC acquired a new position in shares of Parker-Hannifin in the third quarter valued at $25,000. Prestige Wealth Management Group LLC boosted its position in Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company's stock valued at $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire bought a new stake in Parker-Hannifin during the 4th quarter worth about $35,000. Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin in the third quarter valued at approximately $39,000. Finally, Hager Investment Management Services LLC bought a new position in shares of Parker-Hannifin in the 4th quarter worth $44,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Argus lifted their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Barclays dropped their price target on shares of Parker-Hannifin from $800.00 to $791.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Evercore ISI lifted their target price on Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, StockNews.com raised shares of Parker-Hannifin from a "hold" rating to a "buy" rating in a research report on Saturday, February 8th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and an average price target of $739.06.

Parker-Hannifin Stock Up 0.9 %

Parker-Hannifin stock traded up $6.02 during mid-day trading on Wednesday, reaching $701.48. The stock had a trading volume of 646,425 shares, compared to its average volume of 655,960. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44. The company has a market capitalization of $90.30 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 2.87 and a beta of 1.45. The company has a 50-day moving average price of $665.08 and a two-hundred day moving average price of $642.79. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS 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%. On average, analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin's dividend payout ratio is presently 26.99%.

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.