HighPoint Advisor Group LLC Reduces Holdings in Parker-Hannifin Co. (NYSE:PH)

HighPoint Advisor Group LLC decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 18.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,722 shares of the industrial products company’s stock after selling 1,280 shares during the period. HighPoint Advisor Group LLC’s holdings in Parker-Hannifin were worth $3,843,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PH. CreativeOne Wealth LLC lifted its stake in Parker-Hannifin by 24.0% in the third quarter. CreativeOne Wealth LLC now owns 965 shares of the industrial products company’s stock worth $610,000 after purchasing an additional 187 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Parker-Hannifin in the third quarter worth approximately $1,898,000. FSA Wealth Management LLC bought a new stake in shares of Parker-Hannifin during the 3rd quarter worth approximately $83,000. Point72 Hong Kong Ltd purchased a new position in Parker-Hannifin during the 3rd quarter valued at $3,458,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Parker-Hannifin by 71.7% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,153 shares of the industrial products company’s stock valued at $1,992,000 after acquiring an additional 1,317 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $600.78 on Monday. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44. The company has a market capitalization of $77.33 billion, a PE ratio of 24.87, a P/E/G ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a 50-day simple moving average of $658.39 and a two-hundred day simple moving average of $655.07.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.09%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PH. StockNews.com lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Barclays dropped their target price on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research note on Friday, January 31st. Citigroup initiated coverage on Parker-Hannifin in a report on Friday, February 7th. They issued a “buy” rating and a $795.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $736.65.

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.