Zacks Investment Management Has $141.96 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

Zacks Investment Management grew its position in Parker-Hannifin Co. (NYSE:PH) by 11.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 224,677 shares of the industrial products company’s stock after purchasing an additional 22,294 shares during the period. Parker-Hannifin comprises about 1.2% of Zacks Investment Management’s holdings, making the stock its 20th largest position. Zacks Investment Management owned approximately 0.17% of Parker-Hannifin worth $141,956,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Wilkinson Global Asset Management LLC increased its holdings in Parker-Hannifin by 59.1% in the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock worth $24,700,000 after buying an additional 14,526 shares during the last quarter. Banco Santander S.A. increased its stake in shares of Parker-Hannifin by 11.9% during the 3rd quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company’s stock worth $9,147,000 after purchasing an additional 1,544 shares during the last quarter. Ritholtz Wealth Management raised its holdings in shares of Parker-Hannifin by 88.4% during the 3rd quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company’s stock valued at $931,000 after purchasing an additional 691 shares in the last quarter. Deltec Asset Management LLC acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $506,000. Finally, FMR LLC boosted its holdings in Parker-Hannifin by 7.1% in the third quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock worth $2,600,733,000 after purchasing an additional 272,531 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of recent research reports. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. UBS Group initiated coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price objective for the company. Stifel Nicolaus cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective for the company. in a report on Monday, November 18th. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Evercore ISI upped their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $704.88.

Parker-Hannifin Stock Up 0.2 %

NYSE PH opened at $696.07 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. The firm has a 50-day simple moving average of $662.19 and a 200 day simple moving average of $589.65. Parker-Hannifin Co. has a twelve month low of $431.98 and a twelve month high of $712.42. The stock has a market cap of $89.60 billion, a PE ratio of 31.44, a PEG ratio of 2.81 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the company earned $5.96 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s payout ratio is presently 29.45%.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company’s stock.

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.