Bank of Montreal Can Lowers Holdings in Parker-Hannifin Co. (NYSE:PH)

Bank of Montreal Can decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 3.9% in the fourth quarter, Holdings Channel reports. The firm owned 693,883 shares of the industrial products company’s stock after selling 27,834 shares during the quarter. Bank of Montreal Can’s holdings in Parker-Hannifin were worth $441,330,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Whipplewood Advisors LLC bought a new position in Parker-Hannifin during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin during the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the fourth quarter worth approximately $30,000. Prestige Wealth Management Group LLC grew its position in shares of Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 25 shares during the period. Finally, Bank of New Hampshire purchased a new stake in shares of Parker-Hannifin in the 4th quarter worth $35,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Trading Down 7.1 %

PH opened at $517.00 on Monday. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average of $649.18 and a 200 day moving average of $654.59. The firm has a market cap of $66.55 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.85 and a beta of 1.50.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. As a group, research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Friday, February 7th. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

Analyst Ratings Changes

Several research firms have recently commented on PH. Evercore ISI raised their price objective on Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Citigroup initiated coverage on Parker-Hannifin in a report on Friday, February 7th. They set a “buy” rating and a $795.00 price target on the stock. UBS Group dropped their price objective on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Finally, Barclays decreased their target price on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Four 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $736.65.

About Parker-Hannifin

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.