Sit Investment Associates Inc. Lowers Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Sit Investment Associates Inc. cut its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 26.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,339 shares of the industrial products company's stock after selling 4,020 shares during the quarter. Sit Investment Associates Inc.'s holdings in Parker-Hannifin were worth $7,212,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Parker-Hannifin by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company's stock valued at $6,903,962,000 after buying an additional 111,406 shares in the last quarter. Geode Capital Management LLC grew its stake in Parker-Hannifin by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after acquiring an additional 99,261 shares during the period. Norges Bank bought a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $1,106,132,000. Proficio Capital Partners LLC raised its position in shares of Parker-Hannifin by 116,370.3% during the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company's stock worth $725,229,000 after purchasing an additional 1,139,265 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Parker-Hannifin by 41.1% in the 4th quarter. Franklin Resources Inc. now owns 911,075 shares of the industrial products company's stock worth $579,471,000 after purchasing an additional 265,559 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Remove Ads

Analyst Ratings Changes

Several research analysts have weighed in on PH shares. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a "hold" rating in a report on Friday, January 31st. KeyCorp decreased their target price on shares of Parker-Hannifin from $790.00 to $690.00 and set an "overweight" rating for the company in a research report on Tuesday. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Citigroup initiated coverage on Parker-Hannifin in a report on Friday, February 7th. They set a "buy" rating and a $795.00 price objective for the company. Finally, Barclays lowered their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $720.47.

Parker-Hannifin Stock Performance

Shares of PH traded up $1.46 during mid-day trading on Friday, hitting $561.64. The stock had a trading volume of 362,221 shares, compared to its average volume of 707,294. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The firm has a market cap of $72.29 billion, a P/E ratio of 23.19, a PEG ratio of 2.85 and a beta of 1.39. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The business has a fifty day moving average price of $633.78 and a 200-day moving average price of $651.30.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts' consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. On average, equities research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.16%. 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.