HighTower Advisors LLC Purchases 2,854 Shares of Parker-Hannifin Corporation $PH

by · The Markets Daily

HighTower Advisors LLC raised its position in Parker-Hannifin Corporation (NYSE:PH – Free Report) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,180 shares of the industrial products company’s stock after buying an additional 2,854 shares during the quarter. HighTower Advisors LLC’s holdings in Parker-Hannifin were worth $54,012,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Chilton Capital Management LLC acquired a new stake in shares of Parker-Hannifin during the 3rd quarter worth approximately $29,000. Valley Wealth Managers Inc. bought a new stake in Parker-Hannifin during the third quarter worth $36,000. State of Wyoming acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $38,000. Princeton Global Asset Management LLC increased its stake in shares of Parker-Hannifin by 56.1% in the 2nd quarter. Princeton Global Asset Management LLC now owns 64 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 23 shares during the last quarter. Finally, Sagard Holdings Management Inc. acquired a new position in shares of Parker-Hannifin during the 2nd quarter worth $46,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Trading Up 1.9%

Shares of PH stock opened at $1,001.30 on Tuesday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $1,012.49. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $126.38 billion, a price-to-earnings ratio of 36.52, a PEG ratio of 3.23 and a beta of 1.25. The stock has a 50-day moving average of $923.06 and a 200-day moving average of $827.10.

Parker-Hannifin (NYSE:PH – Get Free Report) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the prior year, the firm posted $6.53 EPS. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 6th will be given a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a yield of 0.7%. Parker-Hannifin’s dividend payout ratio is 26.26%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. iA Financial set a $1,032.00 price objective on Parker-Hannifin in a research note on Thursday, January 29th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Stifel Nicolaus increased their price target on Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a research note on Friday, January 30th. KeyCorp restated an “overweight” rating and set a $1,100.00 price objective on shares of Parker-Hannifin in a research report on Friday, January 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $990.47.

View Our Latest Report on PH

Insider Activity

In related news, COO Andrew D. Ross sold 4,664 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the completion of the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at $13,106,880. This trade represents a 26.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at approximately $949,940. This trade represents a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 12,551 shares of company stock worth $12,117,502. 0.32% of the stock is owned by insiders.

About Parker-Hannifin

(Free Report)

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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