Longboard Asset Management LP Takes $247,000 Position in Parker-Hannifin Co. (NYSE:PH)

Longboard Asset Management LP purchased a new position in Parker-Hannifin Co. (NYSE:PH) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 388 shares of the industrial products company’s stock, valued at approximately $247,000. Parker-Hannifin accounts for about 0.7% of Longboard Asset Management LP’s investment portfolio, making the stock its 23rd biggest position.

Several other institutional investors have also bought and sold shares of PH. West Branch Capital LLC bought a new stake in shares of Parker-Hannifin in the third quarter valued at $25,000. Bangor Savings Bank increased its holdings in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Prestige Wealth Management Group LLC raised 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 acquiring an additional 25 shares during the period. Bank of New Hampshire purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $35,000. Finally, Northwest Investment Counselors LLC bought a new position in Parker-Hannifin during the third quarter worth about $39,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Trading Down 1.5 %

Shares of Parker-Hannifin stock opened at $696.57 on Tuesday. The company has a 50 day simple moving average of $666.84 and a two-hundred day simple moving average of $630.54. The firm has a market cap of $89.66 billion, a PE ratio of 28.83, a PEG ratio of 2.90 and a beta of 1.45. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) 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%. Analysts expect that Parker-Hannifin Co. will post 26.67 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company 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 dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 0.94%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.99%.

Insider Activity at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the sale, the chief executive officer now directly owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,200 shares of company stock valued at $8,595,207. Corporate insiders own 0.39% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research report on Friday. Mizuho boosted their target price on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Argus raised their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. KeyCorp boosted their price objective on Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday. Finally, StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus target price of $725.06.

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.