Corporate Webpages Parker-Hannifin Corporation
Ohio-based Parker-Hannifin Corporation (PH) certainly has a large
footprint in Southern California and the Los Angeles area. Our
impression is that this company provides hundreds, if not
thousands of jobs for employees and small businesses from which
its division order materials and parts. These parts in turn are
shipped to original equipment manufacturers for a wide range of
mechanical products. The impression of jobs creation is not
matched by number of employees in the overall organization which
started in the 60 thousand range and dropped over the years into
the 50 thousand range as the economy softened. American
manufactuers of industrial equipment as a whole have been
suffering greatly from the recent economic slowdowns and foreign
competition. The company surely has a huge worldwide footprint,
but the sense we get is that rather than exporting American jobs
overseas, the company is more likely to emphasize selling
American-made products overseas.
The first thing that jumped out at us from this review were the
sheer number of divisions of Parker-Hannifin, a list long
enough to fill up an entire page, as seen at the end of our
"history" section. The company also seeks to emphasize this in
its corporate webpages, of which there are very many. So it
appears the company is on a wide range of acquisition binges of
smaller companies, which are left more or less semi-autonomous
to do whatever it is they were doing to be successful with local
corporate-customer relations.
Problems with this company surfaced for us in its management
reporting, which we usually find acceptable for all
American-based corporations, but not this one. We found its
"Management Discussion" section entirely lacking, and analyses
of results of operations unacceptable. Also it seemed slow in
reporting. Perhaps that was due to gathering information from
all those separate divisions. Added to that was an
unconscionably-large executive compensation package that
reflects the worst in American lack of corporate governance.
Will give "fellow shareholder" CEO Donald Washkewicz credit for
not readily dumping his shares or exercising stock option
perquisites anxiously as some executives do, but still $36
million in overhang exercisable stock options seems too much to
us on top of a $12 million annual salary.
News on the company consists mainly of the introduction of new
products in a fairly focused yet broad line of mechanical parts
for pumps, valves, insulators and other materials. It is a
little hard to get a grip on the massive range of products for
this company which to its credit shows both intelligent
diversification and individual group-centered leadership.
Parker's own description of its focus is to become the world's number
one supplier of motion and control equipment, with Eaton and
Honeywell as its major competitors.
But taken altogether, our overall Decision Matrix for this
company is very marginal, particularly due to a recent weak
stock market, and it just barely made the "buy" column. A wide
range of diversity of opinion exists regarding this company's
future, which may be good for stock traders averse to large risk.
Yet it would be incorrect to say the stock trades in a "range"
or is a rolling stock, and our technical indicators that use
oscillators generally did not do very well. Despite a deceptive
chart pattern, we think this stock moves in broad long trends,
and one must think in terms of years, not weeks in analyzing its
charts. A recent news item, "Stocks to Buy and Forget" seems an
apt description.
The company uses what it calls its "WIN" strategy which seemed
pretty vague to us, except that it somehow involves language,
leadership, linkage, and learning by doing. What all that means
is a bit unclear to us, but we do see evidence the company
attempts to seek after the welfare of its employees as a whole
by providing opportunities in education, health care, and
certain other benefits related to employ wellness. These in
turn involve "Kaizen," a Japanese term of employee involvement
in the practice of continual improvement.
10-07-2011: Parker-Hannifin Corporation (PH): Many Divisions; Employee Wellness
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Financial Ratios
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Intrinsic Value (Disc. CashFlow)
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Scout Stock Rating
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Research Reports
Analysts' Opinions
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Sentiment
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Stock Report
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Moving Average Chart
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Recommendation
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Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is consider strong and > 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
Parker Hannifin Corporation (PH ) Sector: Industrial Goods
6035 Parkland Boulevard Industry: Industrial Equipment & Compon
Cleveland, OH 44124-4141 Exchange: NYSE
Parker Hannifin Corporation manufactures fluid power systems,
electromechanical controls, and related components worldwide. Its
Industrial segment offers pneumatic and electromechanical components, and
systems; filters, systems, and instruments to monitor and remove
contaminants from fuel, air, oil, water, and other liquids and gases;
connectors that control, transmit, and contain fluid; hydraulic components
and systems for builders and users of industrial and mobile machinery and
equipment; critical flow components for process instrumentation,
healthcare, and ultra-high-purity applications; and static and dynamic
sealing devices. This segment sells its products to original equipment
manufacturers (OEMs) and their replacement markets in the manufacturing,
transportation, and processing industries. The company-Ęs Aerospace segment
provides flight control systems and components, including hydraulic,
electrohydraulic, electric backup hydraulic, electrohydrostatic, and
electro-mechanical components for precise control of aircraft rudders,
elevators, ailerons, and other aerodynamic control surfaces. It also
provides electronics thermal management heat rejection systems, and
single-phase and two-phase heat collection systems for radar, ISAR, and
components primarily for use in the mobile and stationary refrigeration,
and air conditioning industry; and in fluid control applications in
various industries, such as processing, fuel dispensing, beverage
dispensing, and mobile emissions. This segment serves OEMs and their
replacement markets. Parker-Hannifin Corporation markets its products
through direct-sales employees, independent distributors, wholesalers, and
sales representatives. The company was founded in 1918 and is
headquartered in Cleveland, Ohio.
Last Trade: 62.99 52-Week Range: 99.40 - 59.26
Trade Date: 10-05 Avg. Volume: 2,507,980 Shares
Index Membership: Employees: 58,409
Corporate Governance:
Audit (Low Concern), Board (Low Concern),
Compensation (High Concern), Shareholder Rights (Medium Concern).
EPS: 6.37 Dividend Amount: $ 1.48 Yield: 2.30%
Ex-Dividend Date: Aug 25, 20 Mkt Cap: $ 9,770,000K
Payout Ratio: 20.00%
Last Split Factor (new for old): 3:2 Split Date: Oct 2, 200
Key Statistics:
Enterprise Value: $ 10,540,000K Revenue (ttm) : $ 12,350,000K
Gross Profit: $ 2,960,000K
Earnings before Income Tax, Depreciation and Amortization: $ 1,850,000K
Enterprise Value/Revenue (ttm): 0.85 Revenue per Share: $ 76.62
Enterprise Value/EBITDA (ttm): 5.71 Qtrly Rev Growth (y to y): 22.40%
P/E Ratio (fwd projected): 8.05 P/E Ratio (current): 9.89
P/E Growth Ratio (5 yr expected): 1.44 Operating Margin: 12.21%
Price/Sales Ratio: 0.79 Profit Margin: 8.50%
Price/Book Value: 1.81 Book Value: $ 34.71/sh.
Return on Assets: 9.06% Net Income Avl to Common: $ 1,050,000K
Return on Equity: 21.25% Diluted Earnings/Share: $ 6.37
Qrtly Earnings Growth (yoy): 31.50%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 657,470K Operating Cash Flow:$ 1,170,000K
Total Debt: $ 1,770,000K Lvgd Free Cash Flow:$ 851,790K
Total Debt/Equity: 32.18
Total Cash/Share: $ 4.24
Current Ratio: 1.80
Share Statistics: Stock Price History:
Shares Outstanding: 155,060K Stk 52-Week Change: -11.31%
Float: 153,590K S&P 500 52-Wk Chng: -3.17%
Sh. Short % of Float: 0.00% 50-Day Moving Avg: 67.14
Short Ratio: 1.70 200-Day Moving Avg: 82.14
% Held by Institutions: 83.20% Beta: 1.33
% Held by Insiders: 0.61%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Sep 11 Dec 11 Jun 12 Jun 13
Average Earnings Estimate 1.69 1.58 7.06 7.82
Average Revenue Estimate 200M 3,150M 13,380M 14,020M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 2.500 EPS Growth (Qrtly YoY): 5.000
PEG Ratio (ttm, 5 yr expected): 11.667 P/E Ratio (ttm): 2.333
Revenue Growth (Qrtly YoY): 4.375
Annual Income Statements: All numbers in thousands)
Period Ending Jun30,2011 Jun30,2010 Jun30,2009
Total Revenue 12,345,870 9,993,166 10,309,015
Cost of Revenue 9,387,457 7,847,067 8,181,348
Gross Profit 2,958,413 2,146,099 2,127,667
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 1,467,773 1,277,080 1,290,379
Non-Recurring Expenses 0 0 43,763
Other Operating Expenses 0 0 0
Total Operating Expenses 0 0 0
Operating Income or Loss 1,490,640 869,019 837,288
Income from Continuing Operations:
Total Other Income/Expenses Net 22,785 -10,603 -42,134
Earnings Before Interest & Taxes 1,513,425 858,416 795,154
Interest Expense 99,704 103,599 112,071
Income Before Taxes 1,413,721 754,817 683,083
Income Tax Expense 356,571 198,452 172,939
Minority Interest -8,020 -2,300 -1,629
Net Income from Continuing Op.s 1,049,130 554,065 508,515
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 1,049,130 554,065 508,515
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 1,049,130 554,065 508,515
Quarterly Income Statements: All numbers in thousands)
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Total Revenue 3,409,830 3,240,103 2,866,664 2,829,273
Cost of Revenue 2,590,772 2,463,083 2,195,728 2,137,874
Gross Profit 819,058 777,020 670,936 691,399
Operating Expenses:
Research & Development 0 0 0 0
Selling, General & Adminis. 413,441 375,069 345,679 333,584
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 0 0 0 0
Total Operating Expenses 0 0 0 0
Operating Income or Loss 405,617 401,951 325,257 357,815
Income from Continuing Operations:
Total Other Income/Expenses Net 594 12,385 6,624 3,182
Earnings Before Int. & Taxes 406,211 414,336 331,881 360,997
Interest Expense 24,821 24,619 25,631 24,633
Income Before Taxes 381,390 389,717 306,250 336,364
Income Tax Expense 86,736 108,069 74,432 87,334
Minority Interest -2,464 -2,059 -1,638 -1,859
Net Income from Continuing Op.s 292,190 279,589 230,180 247,171
Non-recurring Events:
Discontinued Operations 0 0 0 0
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 292,190 279,589 230,180 247,171
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 292,190 279,589 230,180 247,171
Annual Balance Sheets: All Numbers in Thousands
Period Ending Jun30,2011 Jun30,2010 Jun30,2009
Current Assets:
Cash & Cash Equivalents 657,466 575,526 187,611
Short Term Investments 0 0 0
Net Receivables 2,123,703 1,730,070 1,539,285
Inventory 1,412,153 1,171,655 1,254,550
Other Current Assets 111,934 111,545 142,335
Total Current Assets 4,305,256 3,588,796 3,123,781
Long-Term Investments 597,532 687,320 674,628
Property, Plant & Equipt 1,797,179 1,697,881 1,880,554
Goodwill 3,009,116 2,786,334 2,903,077
Intangible Assets 1,177,722 1,150,051 1,273,862
Accumulated Amortization 0 0 0
Other Assets 0 0 0
Deferred Long Term Asset Charges 0 0 0
Total Assets 10,886,805 9,910,382 9,855,902
Current Liabilities:
Accounts Payable 2,315,772 1,841,619 1,524,287
Short/Current Long Term Debt 75,271 363,272 481,467
Other Current Liabilities 0 0 0
Total Current Liabilities 2,391,043 2,204,891 2,005,754
Long Term Debt 1,691,086 1,413,634 1,839,705
Other Liabilities 1,156,305 1,697,136 1,476,546
Deferred LT Liability Charges 160,035 135,321 183,457
Minority Interest 104,482 91,435 82,241
Negative Goodwill 0 0 0
Total Liabilities 5,502,951 5,542,417 5,587,703
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 90,523 90,523 90,523
Retained Earnings 6,891,407 6,086,545 5,722,038
Treasury Stock -1,815,418 -1,237,984 -1,289,544
Capital Surplus 668,332 637,442 588,201
Other Stockholder Equity -450,990 -1,208,561 -843,019
Total Stockholder Equity 5,383,854 4,367,965 4,268,199
Net Tangible Assets 1,197,016 431,580 91,260
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Current Assets:
Cash & Cash Equivalents 657,466 1,107,955 808,736 923,836
Short Term Investments 0 0 0 0
Net Receivables 2,123,703 2,102,820 1,767,331 1,824,407
Inventory 1,412,153 1,390,862 1,361,457 1,295,137
Other Current Assets 111,934 89,692 106,416 104,216
Total Current Assets 4,305,256 4,691,329 4,043,940 4,147,596
Long-Term Investments 597,532 0 0 0
Property, Plant & Equipt 1,797,179 1,788,377 1,764,558 1,770,983
Goodwill 3,009,116 2,976,232 2,910,729 2,915,602
Intangible Assets 1,177,722 1,191,072 1,178,912 1,180,021
Accumulated Amortization 0 0 0 0
Other Assets 0 729,852 720,705 695,519
Deferred LT Asset Charges 0 0 0 0
Total Assets 10,886,805 11,376,862 10,618,844 10,709,721
Current Liabilities:
Accounts Payable 2,315,772 2,167,187 1,839,575 1,890,801
Current Portion LT Debt 75,271 173,233 101,293 391,303
Other Current Liabilities 0 0 0 0
Total Current Liabilities 2,391,043 2,340,420 1,940,868 2,282,104
Long Term Debt 1,691,086 1,683,731 1,742,464 1,745,812
Other Liabilities 1,156,305 1,609,205 1,570,850 1,539,527
Deferred LT Liab. Charges 160,035 159,777 150,069 149,701
Minority Interest 104,482 101,821 101,332 97,632
Negative Goodwill 0 0 0 0
Total Liabilities 5,502,951 5,894,954 5,505,583 5,814,776
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 90,523 90,523 90,523 90,523
Retained Earnings 6,891,407 6,664,687 6,449,601 6,284,148
Treasury Stock -1,815,418 -1,192,218 -1,203,217 -1,233,107
Capital Surplus 668,332 656,323 658,042 664,265
Other Stockholder Equity -450,990 -737,407 -881,688 -910,884
Total Stockholder Equity 5,383,854 5,481,908 5,113,261 4,894,945
Net Tangible Assets 1,197,016 1,314,604 1,023,620 799,322
Annual Cash Flow: All Numbers in Thousands
Period Ending Jun30,2011 Jun30,2010 Jun30,2009
Net Income 1,049,130 279,589 508,515
Operating Activites:
Depreciation 339,800 362,509 357,737
Adjustments to Net Income 96,713 51,008 35,617
Changes in Accounts Recv'bls -259,752 -220,349 598,065
Changes in Liabilities 104,725 343,815 -593,318
Changes in Inventories -139,062 53,862 218,595
Changes in Other Op'ing Actv's 0 71,612 2,352
Total Cash Flow fr Operations 1,166,933 1,218,822 1,129,192
Investing Activities:
Capital Expenditures -207,294 -129,222 -270,733
Investments 0 0 0
Other Cash Flows fr Investing 0 -16,951 -690,098
Total Cash Flows fr Investing -244,938 -146,173 -960,831
Financing Acitivies:
Dividends Paid -206,084 -162,739 -161,575
Sale or Purchase of Stock -667,234 -14,692 -444,243
Net Borrowings -66,375 -64,289 -18,303
Other Cash Flows fr Financing 0 0 3,692
Total Cash Flows fr Financing -915,778 -649,996 -274,348
Effect of Exchange Rate Change 75,723 -34,738 -32,450
Change in Cash & Cash Equiv.s 81,940 387,915 -138,437
Quarterly Cash Flow: All Numbers in Thousands
Period Ending Jun30,2011 Mar31,2011 Dec31,2010 Sep30,2010
Net Income 292,190 279,589 230,180 247,171
Operating Activites:
Depreciation 85,675 83,832 85,307 84,986
Adjustments to Net Income 38,231 -18,145 8,627 68,000
Changes in Accounts Recv'bls -4,079 -282,282 46,890 0
Changes in Liabilities -23,033 318,529 3,067 -193,838
Changes in Inventories -4,806 -4,616 -61,102 -68,538
Changes in Other Oper'g Acts 0 12,810 -29,330 3,521
Total Cash Flow f Operations 367,000 391,776 285,277 122,880
Investing Activities:
Capital Expenditures -48,839 -48,660 -57,105 -52,690
Investments 0 0 0 0
Other Cash Flows fr Investing 0 -9,175 -29,207 -6,278
Total Cash Flows fr Investing -41,823 -57,835 -86,312 -58,968
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock -633,981 -19,559 -7,279 -6,415
Net Borrowings -81,410 -4,638 -274,279 293,952
Other Cash Flows fr Financing 0 0 0 0
Total Cash Flows fr Financing -792,105 -57,302 -313,370 246,999
Effect of Exchange Rate Chg 0 0 0 22,580
Change in Cash & Cash Equiv. -450,489 299,219 -115,100 348,310
PH Parker Hannifin Corporation [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 2.8311 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 2.3200 Forward P/E Ratio < 28? 3.0000
Sales Tests:
Price/Sales Ratio < 2.3? 2.9114 Inventory/Sales < 5%? 0.4371
Sales < $1 billion? 0.0810 Operating Margin < 7.5%? 0.6143
Balance Sheet Tests:
Debt/Equity < 0.40? 0.0124 Long-Term Debt Service: 3.0000
LTD Being Reduced? 1.8000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.9000 Working Capital >= 1.5? 1.1108
Leverage Ratio < 20%? 1.1157 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.1632 Inventory Turnover > 1? 3.0000
Shares Out Decreasing? 2.4000 Market Cap.> 1.5 Billion? 0.1535
Profit Margin > 7.5%? 1.1333
Income Tests:
Dividend Yield > 2.0%? 2.6087 EPS Annual Growth > 10%? 1.0800
Enterprise Value/Revenue: 0.5667 EPS 5-yr Growth > 20%? 0.0300
Enterprise Value/EBITDA: 0.8157 EPS Growth Consistent? 2.4000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 0.7167
Rev. Qtrly Growth > 15%? 3.0000 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 1.0800 Borrowing Int. Rate< 6%? 1.6296
Stock Performance Tests:
Volatility > 25%? 2.0240 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 1.0640 % Held by Institut. < 50? 0.6010
50 Da MA > 200 Da MA? -0.7144 % Held by Institut. > 30? 2.7733
52-Wk Change vs. S&P 500: -0.2113 Short Ratio > 5? 0.3400
Price/Book Value < 3? 2.1900 Short % of Float > 20? 0.0000
Return on Assets > 17%? 0.5329 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 1.3736 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 0.8193
Cash Flow / Assets >.10? 0.7824
PH Parker Hannifin Corporation Overall Zenith Index: 1.4997
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value (PEG) |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Parker-Hannifin:
Symbol? ph
Total Months Available: 46
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
93.15 67.52 99.40 82.80 92.01 60.36
RANGE = 99.40 TO 60.36 Close = 60.81
CHANNEL = 92.01 TO 82.80 Degree = 2
Volatility = 15.15% Index = 3
Intraday Chart |
20 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | - 1 |
| Comparison | + 1 |
| Industry | + 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | + 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | + 1 |
| Intrinsic Value DDM | + 1 |
| Stock Scout | + 1 |
| Projected Earnings | + 1 |
| Research Reports | 0 |
| Analysts | - 1 |
| Executive Perquisites | - 1 |
| Insider Activity | - 1 |
| Institutional Activity | - 1 |
| Management Reporting | - 1 |
| Short Interest | - 1 |
| Sentiment | - 1 |
| Standard & Poor's | + 1 |
| Moving Average | + 1 |
| Right Time Study | - 1 |
| Stock Fetcher | - 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | - 1 |
| Time Series Chart | - 1 |
| Neural Network | 0 |
| Stock Options | + 1 |
| Ultimate Trading Systems | - 1 |
| Total | + 1 |
Place 470 shares of Parker-Hannifin Corporation (PH) on the Active List.
