Verition Fund Management LLC Buys 14,519 Shares of Parker-Hannifin Co. (NYSE:PH)

Verition Fund Management LLC increased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 247.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 20,377 shares of the industrial products company’s stock after purchasing an additional 14,519 shares during the quarter. Verition Fund Management LLC’s holdings in Parker-Hannifin were worth $12,875,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cetera Investment Advisers raised its stake in shares of Parker-Hannifin by 98.6% in the first quarter. Cetera Investment Advisers now owns 45,124 shares of the industrial products company’s stock valued at $25,079,000 after acquiring an additional 22,407 shares during the period. Cetera Advisors LLC lifted its stake in Parker-Hannifin by 265.9% in the first quarter. Cetera Advisors LLC now owns 18,458 shares of the industrial products company’s stock worth $10,259,000 after purchasing an additional 13,413 shares during the last quarter. American Trust boosted its position in shares of Parker-Hannifin by 3.2% during the first quarter. American Trust now owns 649 shares of the industrial products company’s stock valued at $361,000 after buying an additional 20 shares during the period. GAMMA Investing LLC grew its stake in shares of Parker-Hannifin by 23.3% during the second quarter. GAMMA Investing LLC now owns 1,626 shares of the industrial products company’s stock valued at $822,000 after buying an additional 307 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in shares of Parker-Hannifin by 15.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 775 shares of the industrial products company’s stock worth $392,000 after buying an additional 104 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Argus boosted their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company boosted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. TD Cowen boosted their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Finally, Raymond James raised their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $691.40.

Insiders Place Their Bets

In related news, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at $9,263,244.80. The trade was a 27.05 % 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 company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the transaction, the chief executive officer now owns 33,607 shares of the company’s stock, valued at approximately $23,682,516.83. This trade represents a 12.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,077 shares of company stock valued at $12,303,829. Insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Up 0.4 %

Parker-Hannifin stock opened at $702.93 on Friday. Parker-Hannifin Co. has a twelve month low of $426.78 and a twelve month high of $712.42. The business has a fifty day moving average of $656.37 and a two-hundred day moving average of $585.44. The firm has a market cap of $90.48 billion, a P/E ratio of 31.75, a P/E/G ratio of 2.82 and a beta of 1.43. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to analyst estimates of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.96 EPS. On average, analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.45%.

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.