Retirement Systems of Alabama Decreases Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Retirement Systems of Alabama decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,203 shares of the industrial products company’s stock after selling 2,398 shares during the quarter. Retirement Systems of Alabama owned 0.08% of Parker-Hannifin worth $45,242,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PH. OFI Invest Asset Management purchased a new stake in shares of Parker-Hannifin during the 3rd quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $26,000. Baystate Wealth Management LLC increased its position in shares of Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 49 shares during the last quarter. Oakworth Capital Inc. increased its position in shares of Parker-Hannifin by 48.3% during the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 28 shares during the last quarter. Finally, ORG Partners LLC bought a new position in shares of Parker-Hannifin during the 4th quarter valued at approximately $42,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the sale, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,079 shares of company stock worth $6,099,566. Company insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Truist Financial began coverage on Parker-Hannifin in a research note on Thursday, March 14th. They set a “buy” rating and a $602.00 price objective for the company. KeyCorp upped their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group restated a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Barclays upped their price target on Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Stifel Nicolaus upped their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $515.38.

Parker-Hannifin Stock Performance

NYSE:PH opened at $553.64 on Monday. The stock’s fifty day moving average is $543.27 and its 200 day moving average is $478.78. Parker-Hannifin Co. has a fifty-two week low of $312.36 and a fifty-two week high of $570.15. The firm has a market capitalization of $71.09 billion, a PE ratio of 27.41, a PEG ratio of 2.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the firm posted $4.76 EPS. Parker-Hannifin’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

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.