Checchi Capital Advisers LLC Sells 24 Shares of Parker-Hannifin Co. (NYSE:PH)

Checchi Capital Advisers LLC reduced its position in shares of Parker-Hannifin Co. (NYSE:PH) by 1.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,401 shares of the industrial products company’s stock after selling 24 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Parker-Hannifin were worth $709,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Equity Partners lifted its position in Parker-Hannifin by 9.8% in the fourth quarter. Golden State Equity Partners now owns 605 shares of the industrial products company’s stock worth $279,000 after buying an additional 54 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new stake in Parker-Hannifin in the fourth quarter worth $261,000. Principle Wealth Partners LLC increased its stake in Parker-Hannifin by 3.4% in the fourth quarter. Principle Wealth Partners LLC now owns 2,884 shares of the industrial products company’s stock worth $1,329,000 after purchasing an additional 95 shares during the period. Paradigm Financial Partners LLC increased its stake in Parker-Hannifin by 16.7% in the fourth quarter. Paradigm Financial Partners LLC now owns 4,348 shares of the industrial products company’s stock worth $2,003,000 after purchasing an additional 621 shares during the period. Finally, Silver Oak Securities Incorporated increased its stake in Parker-Hannifin by 5,754.5% in the fourth quarter. Silver Oak Securities Incorporated now owns 1,288 shares of the industrial products company’s stock worth $593,000 after purchasing an additional 1,266 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PH has been the topic of a number of recent analyst reports. Robert W. Baird increased their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Wells Fargo & Company raised their price target on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Raymond James began coverage on Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 target price on the stock. Barclays cut their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 4th. Finally, Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their price target for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average target price of $620.14.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.03% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded down $5.63 on Wednesday, reaching $584.46. 152,727 shares of the stock were exchanged, compared to its average volume of 660,123. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $597.33. The firm has a market capitalization of $75.13 billion, a price-to-earnings ratio of 27.81, a PEG ratio of 2.37 and a beta of 1.44. The business has a 50 day moving average price of $540.19 and a two-hundred day moving average price of $539.06.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the previous year, the company posted $6.08 earnings per share. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts anticipate that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Wednesday, August 28th. Parker-Hannifin’s payout ratio is presently 30.73%.

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.