Martingale Asset Management L P Sells 4,452 Shares of Parker-Hannifin Co. (NYSE:PH)

Martingale Asset Management L P cut its position in Parker-Hannifin Co. (NYSE:PH) by 15.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,344 shares of the industrial products company’s stock after selling 4,452 shares during the quarter. Martingale Asset Management L P’s holdings in Parker-Hannifin were worth $15,381,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Addison Advisors LLC bought a new position in Parker-Hannifin in the second quarter worth about $25,000. West Branch Capital LLC bought a new position in Parker-Hannifin in the third quarter worth about $25,000. Bangor Savings Bank raised its holdings in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 31 shares in the last quarter. Fortitude Family Office LLC raised its holdings in Parker-Hannifin by 346.7% in the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in Parker-Hannifin in the second quarter worth about $39,000. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Trading Down 1.0 %

Parker-Hannifin stock opened at $699.88 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 12 month low of $426.49 and a 12 month high of $712.42. The stock’s 50 day simple moving average is $654.79 and its two-hundred day simple moving average is $584.39. The firm has a market cap of $90.09 billion, a PE ratio of 31.61, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter in the prior year, the firm posted $5.96 EPS. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PH shares. TD Cowen upped their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Barclays upped their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Evercore ISI upped their price objective on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Finally, Stifel Nicolaus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $691.00 price objective on the stock. in a report on Monday, November 18th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $691.40.

Insider Activity

In other news, VP Joseph R. Leonti sold 5,877 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at $9,686,464. This trade represents a 27.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares in the company, 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. Insiders have sold 18,077 shares of company stock worth $12,303,829 in the last quarter. Corporate 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.