Anchor Capital Advisors LLC Lowers Position in Parker-Hannifin Corporation $PH

Anchor Capital Advisors LLC cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 2.4% in the second quarter, HoldingsChannel.com reports. The firm owned 15,570 shares of the industrial products company’s stock after selling 383 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Parker-Hannifin were worth $10,875,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PH. Nuveen LLC purchased a new position in shares of Parker-Hannifin during the 1st quarter worth $933,089,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Parker-Hannifin by 52.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,443,104 shares of the industrial products company’s stock worth $1,485,042,000 after purchasing an additional 842,262 shares during the period. Wellington Management Group LLP boosted its holdings in Parker-Hannifin by 11.6% during the 1st quarter. Wellington Management Group LLP now owns 2,009,250 shares of the industrial products company’s stock valued at $1,221,323,000 after acquiring an additional 208,573 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Parker-Hannifin by 23.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 996,738 shares of the industrial products company’s stock valued at $605,867,000 after acquiring an additional 191,799 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Parker-Hannifin by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company’s stock valued at $6,700,795,000 after acquiring an additional 168,990 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

PH stock opened at $774.32 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.19 and a quick ratio of 0.71. The firm has a market capitalization of $97.99 billion, a P/E ratio of 28.55, a P/E/G ratio of 3.21 and a beta of 1.37. The business’s 50-day moving average is $755.45 and its two-hundred day moving average is $709.53. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $792.53.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.08 by $0.61. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%.Parker-Hannifin’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $6.77 EPS. Analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 7th will be given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, November 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.55%.

Insider Buying and Selling at Parker-Hannifin

In other news, COO Andrew D. Ross sold 4,361 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $732.66, for a total transaction of $3,195,130.26. Following the sale, the chief operating officer owned 13,120 shares of the company’s stock, valued at approximately $9,612,499.20. This trade represents a 24.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Angela R. Ives sold 810 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $727.36, for a total value of $589,161.60. Following the sale, the vice president directly owned 2,798 shares in the company, valued at $2,035,153.28. This trade represents a 22.45% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 14,039 shares of company stock worth $10,356,566. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on PH shares. Wells Fargo & Company raised their target price on Parker-Hannifin from $800.00 to $840.00 and gave the company an “overweight” rating in a report on Monday, October 6th. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, September 20th. Deutsche Bank Aktiengesellschaft cut Parker-Hannifin from a “buy” rating to a “hold” rating and set a $809.00 target price for the company. in a report on Thursday, September 4th. Mizuho raised their target price on Parker-Hannifin from $800.00 to $825.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, Truist Financial raised their target price on Parker-Hannifin from $822.00 to $910.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Twelve investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $794.35.

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.