Carnegie Lake Advisors LLC Sells 322 Shares of Parker-Hannifin Co. (NYSE:PH)

Carnegie Lake Advisors LLC reduced its position in Parker-Hannifin Co. (NYSE:PH) by 3.6% in the 4th quarter, HoldingsChannel reports. The firm owned 8,624 shares of the industrial products company’s stock after selling 322 shares during the period. Parker-Hannifin makes up about 2.2% of Carnegie Lake Advisors LLC’s portfolio, making the stock its 10th largest position. Carnegie Lake Advisors LLC’s holdings in Parker-Hannifin were worth $5,485,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PH. West Branch Capital LLC bought a new position in shares of Parker-Hannifin in the third quarter valued at about $25,000. Prestige Wealth Management Group LLC grew its stake in Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire bought a new position in Parker-Hannifin in the 4th quarter valued at about $35,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin during the third quarter worth approximately $39,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $44,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $680.50 on Tuesday. The stock has a fifty day moving average of $665.57 and a 200-day moving average of $635.64. The stock has a market capitalization of $87.59 billion, a P/E ratio of 28.17, a price-to-earnings-growth ratio of 2.84 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a 52 week low of $492.71 and a 52 week high of $718.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share 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%. On average, sell-side analysts expect that Parker-Hannifin Co. will post 26.67 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s payout ratio is currently 26.99%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup assumed coverage on Parker-Hannifin in a report on Friday. They set a “buy” rating and a $795.00 price target for the company. Argus boosted their target price on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target on the stock in a research report on Thursday, December 12th. Jefferies Financial Group lifted their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Mizuho increased their target price on shares of Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $729.18.

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.