Alliancebernstein L.P. Cuts Stake in Parker-Hannifin Co. (NYSE:PH)

Alliancebernstein L.P. cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 30.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 321,036 shares of the industrial products company’s stock after selling 142,194 shares during the quarter. Alliancebernstein L.P. owned 0.25% of Parker-Hannifin worth $204,189,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. Whipplewood Advisors LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth about $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin in the fourth quarter worth approximately $30,000. Prestige Wealth Management Group LLC grew its holdings in Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 25 shares in the last quarter. Bank of New Hampshire purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $35,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 1.1 %

NYSE:PH opened at $608.33 on Tuesday. Parker-Hannifin Co. has a 12-month low of $492.71 and a 12-month high of $718.44. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The stock’s 50 day simple moving average is $657.14 and its 200-day simple moving average is $655.22. The firm has a market cap of $78.30 billion, a P/E ratio of 25.18, a PEG ratio of 2.85 and a beta of 1.50.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Equities analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.99%.

Wall Street Analyst Weigh In

Several research firms recently commented on PH. StockNews.com lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Jefferies Financial Group increased their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a research report on Friday, January 31st. UBS Group dropped their target price on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, Barclays reduced their price target on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a research report on Monday, March 10th. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $736.65.

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.