Nomura Asset Management Co. Ltd. Cuts Stake in Parker-Hannifin Corp (PH)
Nomura Asset Management Co. Ltd. lowered its position in shares of Parker-Hannifin Corp (NYSE:PH) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,310 shares of the industrial products company’s stock after selling 315 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Parker-Hannifin were worth $3,009,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in PH. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Parker-Hannifin by 5,815.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 769 shares of the industrial products company’s stock valued at $120,000 after buying an additional 756 shares during the period. Signaturefd LLC purchased a new position in shares of Parker-Hannifin during the first quarter valued at $128,000. Private Capital Group LLC increased its stake in shares of Parker-Hannifin by 272.2% during the first quarter. Private Capital Group LLC now owns 882 shares of the industrial products company’s stock valued at $151,000 after buying an additional 645 shares during the period. Pinnacle Financial Partners Inc. purchased a new position in shares of Parker-Hannifin during the second quarter valued at $205,000. Finally, NuWave Investment Management LLC increased its stake in shares of Parker-Hannifin by 7,252.9% during the first quarter. NuWave Investment Management LLC now owns 1,250 shares of the industrial products company’s stock valued at $211,000 after buying an additional 1,233 shares during the period. Hedge funds and other institutional investors own 80.00% of the company’s stock.
Shares of PH stock opened at $168.24 on Friday. Parker-Hannifin Corp has a fifty-two week low of $152.47 and a fifty-two week high of $212.80. The stock has a market cap of $22.34 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.31 and a beta of 1.42. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.08 and a current ratio of 1.59.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Tuesday, August 28th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.81%. Parker-Hannifin’s payout ratio is 29.17%.
In related news, VP Catherine A. Suever sold 2,148 shares of Parker-Hannifin stock in a transaction dated Friday, June 8th. The stock was sold at an average price of $175.13, for a total transaction of $376,179.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Kurt A. Keller sold 7,005 shares of Parker-Hannifin stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $182.04, for a total value of $1,275,190.20. Following the sale, the vice president now directly owns 31,834 shares of the company’s stock, valued at approximately $5,795,061.36. The disclosure for this sale can be found here. 1.12% of the stock is currently owned by insiders.
Several equities analysts have issued reports on the company. Jefferies Financial Group reiterated a “$162.10” rating and issued a $170.00 target price on shares of Parker-Hannifin in a research note on Wednesday, July 18th. Wells Fargo & Co reiterated a “buy” rating on shares of Parker-Hannifin in a research note on Tuesday, May 29th. BMO Capital Markets reiterated a “buy” rating and issued a $190.00 target price on shares of Parker-Hannifin in a research note on Thursday, July 19th. Robert W. Baird set a $190.00 target price on Parker-Hannifin and gave the company a “buy” rating in a research note on Thursday, August 2nd. Finally, Deutsche Bank set a $169.00 target price on Parker-Hannifin and gave the company a “hold” rating in a research note on Thursday, July 12th. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $188.71.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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