Edgestream Partners L.P. Acquires 6,490 Shares of Parker-Hannifin Co. (NYSE:PH)

Edgestream Partners L.P. boosted its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 661.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,471 shares of the industrial products company’s stock after acquiring an additional 6,490 shares during the quarter. Edgestream Partners L.P.’s holdings in Parker-Hannifin were worth $3,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. Renaissance Technologies LLC bought a new position in Parker-Hannifin in the 2nd quarter worth approximately $35,129,000. Citizens Financial Group Inc. RI lifted its stake in shares of Parker-Hannifin by 1,262.8% during the second quarter. Citizens Financial Group Inc. RI now owns 20,714 shares of the industrial products company’s stock valued at $10,477,000 after acquiring an additional 19,194 shares during the period. One Capital Management LLC boosted its holdings in Parker-Hannifin by 146.7% in the second quarter. One Capital Management LLC now owns 2,304 shares of the industrial products company’s stock valued at $1,165,000 after acquiring an additional 1,370 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in Parker-Hannifin by 250.3% in the second quarter. Brown Brothers Harriman & Co. now owns 1,524 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 1,089 shares during the period. Finally, Vista Capital Partners Inc. raised its holdings in Parker-Hannifin by 13.6% during the 2nd quarter. Vista Capital Partners Inc. now owns 426 shares of the industrial products company’s stock worth $215,000 after purchasing an additional 51 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of Parker-Hannifin stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of Parker-Hannifin stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares in the company, valued at approximately $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PH shares. Robert W. Baird lifted their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. TD Cowen lifted their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Barclays cut their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Finally, Stifel Nicolaus cut their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $624.43.

Parker-Hannifin Price Performance

Shares of PH opened at $605.17 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The firm has a market capitalization of $77.79 billion, a PE ratio of 28.52, a P/E/G ratio of 2.39 and a beta of 1.43. The stock has a 50 day simple moving average of $565.83 and a 200 day simple moving average of $546.03. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $607.69.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the prior year, the company earned $6.08 earnings per share. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. Sell-side analysts predict that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.08%. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

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.