Bridges Investment Management Inc. Sells 608 Shares of Parker-Hannifin Co. (NYSE:PH)

Bridges Investment Management Inc. cut its holdings in Parker-Hannifin Co. (NYSE:PH) by 3.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 17,612 shares of the industrial products company’s stock after selling 608 shares during the period. Bridges Investment Management Inc.’s holdings in Parker-Hannifin were worth $11,202,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Whipplewood Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $25,000. Prestige Wealth Management Group LLC raised its holdings in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the period. Bank of New Hampshire bought a new position in shares of Parker-Hannifin during the fourth quarter worth $35,000. Kestra Investment Management LLC acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at $40,000. Finally, Hager Investment Management Services LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 2.3 %

NYSE:PH opened at $670.07 on Friday. The firm has a market capitalization of $86.25 billion, a price-to-earnings ratio of 27.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.45. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a twelve month low of $492.71 and a twelve month high of $718.44. The stock’s 50 day moving average price is $666.19 and its two-hundred day moving average price is $649.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly 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 net margin of 15.87% and a return on equity of 27.34%. Equities research analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be given a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.97%. Parker-Hannifin’s payout ratio is 26.99%.

Analysts Set New Price Targets

A number of research firms have issued reports on PH. Stifel Nicolaus boosted their target price on Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research note on Friday, January 31st. Argus increased their target price on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. KeyCorp lifted their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, February 8th. Finally, Jefferies Financial Group upped their target price 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. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $739.06.

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.