Parker-Hannifin Co. (NYSE:PH) Shares Sold by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. trimmed its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 3.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,991 shares of the industrial products company’s stock after selling 65 shares during the period. Covington Investment Advisors Inc.’s holdings in Parker-Hannifin were worth $1,266,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in PH. Avestar Capital LLC grew its holdings in Parker-Hannifin by 11.4% during the third quarter. Avestar Capital LLC now owns 645 shares of the industrial products company’s stock worth $408,000 after acquiring an additional 66 shares during the period. BNP Paribas Financial Markets boosted its holdings in Parker-Hannifin by 58.1% during the third quarter. BNP Paribas Financial Markets now owns 134,612 shares of the industrial products company’s stock worth $85,051,000 after buying an additional 49,483 shares in the last quarter. Townsquare Capital LLC grew its position in Parker-Hannifin by 14.9% in the third quarter. Townsquare Capital LLC now owns 5,275 shares of the industrial products company’s stock worth $3,333,000 after buying an additional 685 shares during the last quarter. CreativeOne Wealth LLC lifted its position in shares of Parker-Hannifin by 24.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 965 shares of the industrial products company’s stock valued at $610,000 after acquiring an additional 187 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Parker-Hannifin by 5.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,626 shares of the industrial products company’s stock worth $39,568,000 after acquiring an additional 3,290 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PH shares. Barclays decreased their target price on shares of Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a report on Monday, March 10th. StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Jefferies Financial Group lifted their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a research report on Friday, January 31st. Finally, Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Stock Down 1.7 %

PH opened at $626.76 on Friday. Parker-Hannifin Co. has a fifty-two week low of $492.71 and a fifty-two week high of $718.44. The company has a market capitalization of $80.68 billion, a P/E ratio of 25.94, 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 current ratio of 1.06 and a quick ratio of 0.59. The firm’s fifty day moving average price is $659.79 and its two-hundred day moving average price is $653.92.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (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%. On average, analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.04%. Parker-Hannifin’s payout ratio is presently 26.99%.

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.