Patton Fund Management Inc. Sells 1,240 Shares of Parker-Hannifin Co. (NYSE:PH)

Patton Fund Management Inc. reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 13.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,275 shares of the industrial products company’s stock after selling 1,240 shares during the period. Patton Fund Management Inc.’s holdings in Parker-Hannifin were worth $5,263,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. State Street Corp grew its stake in shares of Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after acquiring an additional 753,143 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Parker-Hannifin by 39.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock valued at $1,249,645,000 after purchasing an additional 564,365 shares during the period. International Assets Investment Management LLC grew its position in Parker-Hannifin by 64,081.5% in the 3rd quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company’s stock worth $241,279,000 after purchasing an additional 381,285 shares during the last quarter. World Investment Advisors LLC bought a new position in shares of Parker-Hannifin during the 3rd quarter worth about $226,570,000. Finally, Mizuho Securities USA LLC raised its position in shares of Parker-Hannifin by 3,566.4% during the third quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock valued at $229,541,000 after buying an additional 353,393 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $665.56 on Wednesday. The stock has a market capitalization of $85.67 billion, a price-to-earnings ratio of 30.06, a P/E/G ratio of 2.76 and a beta of 1.45. The firm’s 50-day moving average price is $667.31 and its two-hundred day moving average price is $627.69. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 1-year low of $463.16 and a 1-year high of $712.42.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same period in the prior year, the company earned $5.96 EPS. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities analysts predict that Parker-Hannifin Co. will post 26.73 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.98%. Parker-Hannifin’s dividend payout ratio is 29.45%.

Insider Buying and Selling

In related news, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the transaction, the vice president now owns 15,350 shares in the company, valued at $9,686,464. The trade was a 27.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 in the last 90 days. Corporate insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PH shares. KeyCorp lifted their target price on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a research report on Thursday, November 21st. Mizuho raised their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Barclays boosted their price objective on Parker-Hannifin from $703.00 to $800.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a research report on Thursday, December 12th. Finally, Robert W. Baird lifted their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $722.81.

Parker-Hannifin Company Profile

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.