Royal Bank of Canada Sells 16,173 Shares of Parker-Hannifin Co. (NYSE:PH)

Royal Bank of Canada cut its position in Parker-Hannifin Co. (NYSE:PHFree Report) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 913,630 shares of the industrial products company’s stock after selling 16,173 shares during the quarter. Royal Bank of Canada owned 0.71% of Parker-Hannifin worth $355,879,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Cetera Advisor Networks LLC lifted its holdings in Parker-Hannifin by 8.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 1,496 shares of the industrial products company’s stock worth $425,000 after buying an additional 112 shares during the period. Panagora Asset Management Inc. boosted its holdings in Parker-Hannifin by 69.8% in the first quarter. Panagora Asset Management Inc. now owns 3,869 shares of the industrial products company’s stock valued at $1,098,000 after acquiring an additional 1,591 shares during the last quarter. Prudential PLC bought a new position in Parker-Hannifin during the 1st quarter worth approximately $687,000. Moors & Cabot Inc. raised its holdings in Parker-Hannifin by 270.8% during the 1st quarter. Moors & Cabot Inc. now owns 2,718 shares of the industrial products company’s stock worth $771,000 after purchasing an additional 1,985 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Parker-Hannifin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after purchasing an additional 190,889 shares during the last quarter. 82.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PH. Barclays lifted their price objective on shares of Parker-Hannifin from $500.00 to $558.00 and gave the company an “overweight” rating in a research note on Monday, February 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $588.00 price objective on shares of Parker-Hannifin in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised Parker-Hannifin from a “hold” rating to a “buy” rating and boosted their target price for the company from $462.00 to $506.00 in a research report on Thursday, November 9th. Wells Fargo & Company boosted their target price on Parker-Hannifin from $450.00 to $510.00 and gave the company an “overweight” rating in a research report on Tuesday, December 19th. Finally, Evercore ISI boosted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $498.07.

Check Out Our Latest Report on Parker-Hannifin

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $539.13 on Friday. The stock has a fifty day simple moving average of $494.39 and a two-hundred day simple moving average of $440.34. Parker-Hannifin Co. has a 1-year low of $300.86 and a 1-year high of $543.92. The firm has a market cap of $69.23 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.26 by $0.89. The firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the business earned $4.76 earnings per share. Analysts anticipate that Parker-Hannifin Co. will post 24.18 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.31%.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark J. Hart sold 5,197 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at approximately $3,552,265.22. The disclosure for this sale can be found here. Insiders sold a total of 12,079 shares of company stock valued at $6,099,566 in the last three months. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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