Parker-Hannifin Co. (NYSE:PH) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC reduced its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 10.3% in the 4th quarter, HoldingsChannel reports. The fund owned 7,928 shares of the industrial products company’s stock after selling 907 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Parker-Hannifin were worth $5,043,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Evergreen Capital Management LLC boosted its position in shares of Parker-Hannifin by 3.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 692 shares of the industrial products company’s stock valued at $350,000 after purchasing an additional 22 shares during the period. Marshall Wace LLP acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at about $23,600,000. AQR Capital Management LLC boosted its position in shares of Parker-Hannifin by 52.2% in the 2nd quarter. AQR Capital Management LLC now owns 78,768 shares of the industrial products company’s stock valued at $39,841,000 after purchasing an additional 27,020 shares during the period. Employees Retirement System of Texas boosted its position in shares of Parker-Hannifin by 17.2% in the 2nd quarter. Employees Retirement System of Texas now owns 209,835 shares of the industrial products company’s stock valued at $106,137,000 after purchasing an additional 30,835 shares during the period. Finally, Delta Investment Management LLC boosted its position in shares of Parker-Hannifin by 4.4% in the 2nd quarter. Delta Investment Management LLC now owns 523 shares of the industrial products company’s stock valued at $265,000 after purchasing an additional 22 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the sale, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. This trade represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,077 shares of company stock valued at $12,303,829. Corporate insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Mizuho increased their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a research report on Thursday, December 12th. KeyCorp increased their price objective on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Robert W. Baird increased their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company decreased their price objective on Parker-Hannifin from $770.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin Stock Performance

NYSE PH opened at $679.86 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The business has a 50 day moving average price of $669.12 and a 200 day moving average price of $622.74. The company has a market capitalization of $87.51 billion, a P/E ratio of 30.71, a PEG ratio of 2.76 and a beta of 1.45. Parker-Hannifin Co. has a 1-year low of $463.16 and a 1-year high of $712.42.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, topping the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin’s revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $5.96 earnings per share. Sell-side analysts expect that Parker-Hannifin Co. will post 26.73 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.96%. Parker-Hannifin’s payout ratio is 29.45%.

Parker-Hannifin Profile

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.