Distillate Capital Partners LLC Acquires Shares of 36,101 Parker-Hannifin Co. (NYSE:PH)

Distillate Capital Partners LLC bought a new position in shares of Parker-Hannifin Co. (NYSE:PH) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 36,101 shares of the industrial products company’s stock, valued at approximately $18,260,000.

Other hedge funds have also modified their holdings of the company. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC increased its position in Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in Parker-Hannifin during the 4th quarter worth about $30,000. Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the 1st quarter valued at about $31,000. Finally, Fortitude Family Office LLC boosted its stake in shares of Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Berend Bracht sold 850 shares of Parker-Hannifin 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 completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PH shares. Barclays dropped their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Mizuho upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Evercore ISI raised their price target on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Robert W. Baird upped their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Finally, Raymond James raised their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

Parker-Hannifin Trading Down 0.8 %

PH opened at $618.66 on Tuesday. The stock has a market capitalization of $79.52 billion, a P/E ratio of 29.15, a P/E/G ratio of 2.42 and a beta of 1.43. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $627.30. The firm’s fifty day simple moving average is $572.71 and its 200 day simple moving average is $548.45.

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

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

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.