Fruth Investment Management Sells 400 Shares of Parker-Hannifin Co. (NYSE:PH)

Fruth Investment Management cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,540 shares of the industrial products company’s stock after selling 400 shares during the quarter. Parker-Hannifin makes up about 1.1% of Fruth Investment Management’s investment portfolio, making the stock its 21st biggest position. Fruth Investment Management’s holdings in Parker-Hannifin were worth $4,132,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. TD Asset Management Inc raised its holdings in Parker-Hannifin by 152.1% during the first quarter. TD Asset Management Inc now owns 132,231 shares of the industrial products company’s stock valued at $73,493,000 after acquiring an additional 79,774 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Parker-Hannifin by 8.5% in the first quarter. Daiwa Securities Group Inc. now owns 22,960 shares of the industrial products company’s stock worth $12,761,000 after purchasing an additional 1,802 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of Parker-Hannifin by 261.4% in the first quarter. Concurrent Investment Advisors LLC now owns 2,515 shares of the industrial products company’s stock worth $1,397,000 after purchasing an additional 1,819 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Parker-Hannifin by 54.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,165 shares of the industrial products company’s stock worth $9,540,000 after purchasing an additional 6,029 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Parker-Hannifin by 16.5% in the first quarter. Janney Montgomery Scott LLC now owns 42,523 shares of the industrial products company’s stock worth $23,634,000 after purchasing an additional 6,013 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PH. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday. KeyCorp lifted their target price on Parker-Hannifin from $640.00 to $725.00 and gave the stock an “overweight” rating in a report on Monday. Raymond James lifted their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Barclays lifted their price target on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their price target on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $655.93.

Parker-Hannifin Stock Up 1.0 %

Shares of NYSE:PH opened at $643.53 on Tuesday. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $645.90. The business has a 50 day simple moving average of $598.57 and a two-hundred day simple moving average of $557.54. The firm has a market capitalization of $82.72 billion, a PE ratio of 30.33, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.08 earnings per share. On average, equities analysts predict that Parker-Hannifin Co. will post 26.64 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.01%. Parker-Hannifin’s payout ratio is 30.73%.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was 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 accessible through the SEC website. In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Berend Bracht sold 850 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

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.