Red Cedar Investment Management LLC cut its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 15.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,247 shares of the industrial products company's stock after selling 1,750 shares during the quarter. Parker-Hannifin comprises about 0.7% of Red Cedar Investment Management LLC's holdings, making the stock its 19th largest position. Red Cedar Investment Management LLC's holdings in Parker-Hannifin were worth $5,881,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of PH. Exchange Traded Concepts LLC bought a new position in Parker-Hannifin during the third quarter worth $97,000. Creative Planning boosted its stake in Parker-Hannifin by 9.9% during the third quarter. Creative Planning now owns 28,003 shares of the industrial products company's stock worth $17,693,000 after acquiring an additional 2,513 shares in the last quarter. Bfsg LLC boosted its stake in Parker-Hannifin by 4,063.4% during the third quarter. Bfsg LLC now owns 1,707 shares of the industrial products company's stock worth $1,078,000 after acquiring an additional 1,666 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Parker-Hannifin by 25.9% during the third quarter. Global Retirement Partners LLC now owns 1,377 shares of the industrial products company's stock worth $870,000 after acquiring an additional 283 shares in the last quarter. Finally, Buffington Mohr McNeal bought a new position in Parker-Hannifin during the third quarter worth $3,015,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the stock. Argus raised their price objective on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a research note on Tuesday, November 5th. Barclays dropped their price objective on shares of Parker-Hannifin from $800.00 to $791.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Wells Fargo & Company raised their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Jefferies Financial Group raised their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Finally, TD Cowen raised their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $729.18.
Read Our Latest Analysis on Parker-Hannifin
NYSE PH opened at $700.13 on Friday. Parker-Hannifin Co. has a 52-week low of $492.71 and a 52-week high of $718.44. The company has a 50-day simple moving average of $664.39 and a 200 day simple moving average of $638.17. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a market capitalization of $90.12 billion, a PE ratio of 28.98, a price-to-earnings-growth ratio of 2.84 and a beta of 1.45.
Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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, research analysts predict that Parker-Hannifin Co. will post 26.67 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. Parker-Hannifin's dividend payout ratio (DPR) is presently 26.99%.
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.
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