Keybank National Association OH Reduces Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Keybank National Association OH lowered its position in Parker-Hannifin Co. (NYSE:PH) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 505,726 shares of the industrial products company’s stock after selling 13,588 shares during the quarter. Parker-Hannifin comprises about 1.2% of Keybank National Association OH’s holdings, making the stock its 16th biggest holding. Keybank National Association OH owned approximately 0.39% of Parker-Hannifin worth $321,657,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. boosted its stake in Parker-Hannifin by 39.2% during the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock worth $415,409,000 after buying an additional 181,859 shares during the period. Howard Capital Management Group LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $23,390,000. SG Americas Securities LLC boosted its stake in Parker-Hannifin by 752.5% during the fourth quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock worth $15,507,000 after buying an additional 21,521 shares during the period. Columbus Macro LLC boosted its stake in Parker-Hannifin by 485.2% during the fourth quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock worth $6,838,000 after buying an additional 8,914 shares during the period. Finally, Congress Asset Management Co. boosted its stake in Parker-Hannifin by 15.5% during the fourth quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock worth $121,292,000 after buying an additional 25,605 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 2.9 %

PH stock opened at $648.96 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.59 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 company’s 50 day moving average is $666.26 and its two-hundred day moving average is $650.05. The stock has a market cap of $83.53 billion, a P/E ratio of 26.86, a PEG ratio of 2.85 and a beta of 1.45.

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

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.00%. Parker-Hannifin’s payout ratio is currently 26.99%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. TD Cowen raised their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. KeyCorp raised their price objective 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. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research note on Friday, January 31st. Wells Fargo & Company raised their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Argus raised their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average 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.