Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Sumitomo Mitsui Trust Group Inc. decreased its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 29.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 288,543 shares of the industrial products company's stock after selling 121,070 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.22% of Parker-Hannifin worth $182,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. West Branch Capital LLC acquired a new stake in Parker-Hannifin in the 3rd quarter valued at $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 in the last quarter. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 2nd quarter worth about $25,000. Northwest Investment Counselors LLC bought a new position in Parker-Hannifin in the 3rd quarter valued at about $39,000. Finally, Fortitude Family Office LLC boosted its stake in Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Price Performance

NYSE:PH traded up $7.22 during midday trading on Wednesday, hitting $706.54. The company had a trading volume of 537,505 shares, compared to its average volume of 646,144. 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 company has a market capitalization of $90.95 billion, a PE ratio of 31.95, a P/E/G ratio of 2.82 and a beta of 1.43. The stock's fifty day moving average price is $628.60 and its 200-day moving average price is $572.14. Parker-Hannifin Co. has a 52-week low of $422.36 and a 52-week high of $711.60.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.92%. Parker-Hannifin's payout ratio is currently 29.45%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PH. Evercore ISI raised their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a report on Monday, August 19th. Stifel Nicolaus raised their price objective on Parker-Hannifin from $633.00 to $691.00 and gave the company a "buy" rating in a research note on Wednesday, October 2nd. Barclays upped their target price on shares of Parker-Hannifin from $650.00 to $703.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 2nd. Raymond James raised their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a research report on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $688.07.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares of the company's stock, valued at approximately $9,686,464. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,678 shares of company stock valued at $13,840,428 in the last 90 days. Corporate insiders own 0.39% of the company's stock.

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.