Varma Mutual Pension Insurance Co Sells 2,187 Shares of Parker-Hannifin Co. (NYSE:PH)

Varma Mutual Pension Insurance Co lessened its stake in Parker-Hannifin Co. (NYSE:PH) by 5.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,037 shares of the industrial products company’s stock after selling 2,187 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Parker-Hannifin were worth $18,734,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Sachetta LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Addison Advisors LLC bought a new position in shares of Parker-Hannifin in the 2nd quarter valued at $25,000. First United Bank & Trust acquired a new position in shares of Parker-Hannifin during the 4th quarter worth $29,000. Harbor Investment Advisory LLC lifted its position in shares of Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin in the fourth quarter valued at about $30,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were 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 directly owns 3,900 shares in the company, valued at $2,299,947. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at approximately $1,986,282. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction 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 sale, the director now owns 3,900 shares of the company’s stock, 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.

Analyst Ratings Changes

PH has been the topic of a number of research analyst reports. Bank of America raised their price target 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 shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price target for the company from $550.00 to $650.00 in a research note on Tuesday, May 28th. Barclays reduced their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Finally, Raymond James increased their target price on Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $623.00.

Parker-Hannifin Trading Down 0.7 %

Shares of NYSE:PH traded down $3.89 during trading on Friday, reaching $571.31. The stock had a trading volume of 755,196 shares, compared to its average volume of 658,527. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $601.30. The firm’s fifty day moving average is $554.47 and its 200 day moving average is $543.08. The stock has a market cap of $73.44 billion, a price-to-earnings ratio of 26.92, a P/E/G ratio of 2.44 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93.

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 firm had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the company posted $6.08 EPS. The business’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Parker-Hannifin Co. will post 26.61 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Parker-Hannifin Company 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.