People s United Financial Inc. cut its stake in shares of Parker-Hannifin Corp (NYSE:PH) by 32.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,883 shares of the industrial products company’s stock after selling 2,345 shares during the period. People s United Financial Inc.’s holdings in Parker-Hannifin were worth $761,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Manchester Capital Management LLC raised its stake in Parker-Hannifin by 55.9% during the second quarter. Manchester Capital Management LLC now owns 976 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 350 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Parker-Hannifin by 3.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 519,964 shares of the industrial products company’s stock worth $81,037,000 after buying an additional 15,237 shares during the period. Ascension Asset Management LLC grew its holdings in Parker-Hannifin by 3.6% during the 2nd quarter. Ascension Asset Management LLC now owns 10,200 shares of the industrial products company’s stock worth $1,590,000 after acquiring an additional 350 shares in the last quarter. CIBC World Markets Inc. grew its holdings in Parker-Hannifin by 13.4% during the 2nd quarter. CIBC World Markets Inc. now owns 6,685 shares of the industrial products company’s stock worth $1,042,000 after acquiring an additional 788 shares in the last quarter. Finally, Gideon Capital Advisors Inc. grew its holdings in Parker-Hannifin by 117.5% during the 2nd quarter. Gideon Capital Advisors Inc. now owns 7,972 shares of the industrial products company’s stock worth $1,242,000 after acquiring an additional 4,306 shares in the last quarter. 80.62% of the stock is owned by hedge funds and other institutional investors.

Shares of PH stock traded up $2.47 during mid-day trading on Friday, reaching $187.15. 736,518 shares of the company were exchanged, compared to its average volume of 849,148. Parker-Hannifin Corp has a fifty-two week low of $152.47 and a fifty-two week high of $212.80. The company has a current ratio of 1.59, a quick ratio of 1.08 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $24.27 billion, a P/E ratio of 17.61, a PEG ratio of 1.43 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 2nd. The industrial products company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.31. Parker-Hannifin had a net margin of 7.42% and a return on equity of 24.77%. The business had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the company earned $2.45 earnings per share. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. research analysts predict that Parker-Hannifin Corp will post 11.37 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Monday, August 27th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.17%.

In related news, VP William R. Bowman sold 2,400 shares of Parker-Hannifin stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $175.36, for a total transaction of $420,864.00. Following the sale, the vice president now directly owns 1,325 shares in the company, valued at $232,352. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Joseph R. Leonti sold 1,605 shares of the business’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $176.56, for a total transaction of $283,378.80. Following the completion of the sale, the vice president now owns 15,731 shares in the company, valued at $2,777,465.36. The disclosure for this sale can be found here. Insiders own 1.12% of the company’s stock.

PH has been the subject of several research analyst reports. Buckingham Research upgraded shares of Parker-Hannifin from a “neutral” rating to a “buy” rating in a report on Friday. Barclays assumed coverage on shares of Parker-Hannifin in a research report on Thursday, September 6th. They issued an “overweight” rating and a $200.00 price target for the company. Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research report on Monday, August 20th. They set an “equal weight” rating and a $185.00 price objective for the company. Argus downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $176.00 price objective for the company. in a research report on Tuesday, August 14th. Finally, Zacks Investment Research upgraded shares of Parker-Hannifin from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $188.78.

Parker-Hannifin Profile

Parker-Hannifin Corp. is a manufacturer of motion and control technologies and systems, providing engineered solutions for mobile, industrial and aerospace markets. It operates through the following segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment offers products to original equipment manufacturers.

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

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