Great Lakes Advisors LLC Sells 10,057 Shares of Parker-Hannifin Co. (NYSE:PH)

Great Lakes Advisors LLC reduced its position in Parker-Hannifin Co. (NYSE:PH) by 4.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 224,737 shares of the industrial products company’s stock after selling 10,057 shares during the period. Parker-Hannifin accounts for approximately 1.0% of Great Lakes Advisors LLC’s portfolio, making the stock its 23rd largest holding. Great Lakes Advisors LLC owned approximately 0.17% of Parker-Hannifin worth $113,674,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PH. Addison Advisors LLC bought a new stake in Parker-Hannifin during the second quarter valued at approximately $25,000. Harbor Investment Advisory LLC raised its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. Sachetta LLC bought a new stake in Parker-Hannifin during the fourth quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Parker-Hannifin in the 1st quarter worth about $31,000. Finally, First United Bank & Trust bought a new position in shares of Parker-Hannifin during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

PH has been the subject of a number of research reports. Bank of America upped their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Evercore ISI boosted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Raymond James raised their price target on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Finally, Barclays cut their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $623.00.

Insider Buying and Selling

In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was 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 of the company’s stock, valued at $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction 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 is accessible through this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now owns 3,900 shares in the company, valued at approximately $2,299,947. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Down 0.7 %

PH traded down $3.89 on Friday, hitting $571.31. The company had a trading volume of 755,196 shares, compared to its average volume of 658,527. The stock has a fifty day simple moving average of $554.47 and a 200-day simple moving average of $542.92. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The firm has a market capitalization of $73.47 billion, a P/E ratio of 26.94, a P/E/G ratio of 2.44 and a beta of 1.43. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $601.30.

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. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $6.08 earnings per share. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be issued a dividend of $1.63 per share. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. Parker-Hannifin’s payout ratio 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.