Parker-Hannifin Co. (NYSE:PH) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 9.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,253 shares of the industrial products company’s stock after selling 1,759 shares during the quarter. New York Life Investment Management LLC’s holdings in Parker-Hannifin were worth $10,973,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PH. Whipplewood Advisors LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth about $25,000. Prestige Wealth Management Group LLC grew its stake in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares in the last quarter. Bank of New Hampshire bought a new stake in Parker-Hannifin in the fourth quarter valued at about $35,000. Kestra Investment Management LLC acquired a new stake in Parker-Hannifin during the fourth quarter valued at approximately $40,000. Finally, Hager Investment Management Services LLC bought a new position in Parker-Hannifin during the 4th quarter worth approximately $44,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Down 0.8 %

NYSE PH opened at $655.12 on Friday. The stock’s 50 day simple moving average is $665.73 and its 200 day simple moving average is $647.90. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44. The firm has a market cap of $84.33 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 2.85 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating the consensus estimate 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, sell-side analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 1.00%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s payout ratio is 26.99%.

Wall Street Analyst Weigh In

PH has been the subject of a number of research reports. Citigroup assumed coverage on shares of Parker-Hannifin in a report on Friday, February 7th. They issued a “buy” rating and a $795.00 price objective for the company. Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price target for the company in a report on Thursday, December 12th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, February 8th. Barclays cut their target price on shares of Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a report on Friday, January 31st. Finally, Argus upped their target price on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $739.06.

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.