Vanguard Group Inc. Decreases Position in Parker-Hannifin Corporation $PH

Vanguard Group Inc. decreased its stake in Parker-Hannifin Corporation (NYSE:PH) by 0.1% in the third quarter, Holdings Channel.com reports. The firm owned 11,108,929 shares of the industrial products company’s stock after selling 16,311 shares during the period. Vanguard Group Inc. owned about 0.09% of Parker-Hannifin worth $8,422,235,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Procyon Advisors LLC boosted its stake in Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after buying an additional 5,066,179 shares during the period. Invesco Ltd. lifted its holdings in shares of Parker-Hannifin by 1.8% in the 2nd quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company’s stock worth $1,638,556,000 after acquiring an additional 41,221 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Parker-Hannifin by 4.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,194,687 shares of the industrial products company’s stock worth $1,533,177,000 after purchasing an additional 92,913 shares during the period. JPMorgan Chase & Co. grew its holdings in Parker-Hannifin by 0.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,075,234 shares of the industrial products company’s stock valued at $1,449,496,000 after purchasing an additional 14,534 shares during the last quarter. Finally, Norges Bank purchased a new stake in Parker-Hannifin in the 2nd quarter worth about $1,352,509,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $1,001.30 on Tuesday. The firm has a market cap of $126.38 billion, a price-to-earnings ratio of 36.52, a PEG ratio of 3.23 and a beta of 1.25. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,012.49. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The company’s 50 day moving average is $923.06 and its 200 day moving average is $827.10.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $6.53 EPS. On average, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 6th will be given a $1.80 dividend. The ex-dividend date is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a yield of 0.7%. Parker-Hannifin’s dividend payout ratio is currently 26.26%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PH shares. Susquehanna reiterated a “positive” rating and issued a $1,000.00 price target on shares of Parker-Hannifin in a report on Wednesday, November 12th. Truist Financial set a $1,139.00 target price on Parker-Hannifin in a research note on Friday, January 30th. KeyCorp reissued an “overweight” rating and set a $1,100.00 target price on shares of Parker-Hannifin in a research note on Friday, January 30th. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a report on Friday, January 30th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Parker-Hannifin in a research note on Thursday, January 29th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $990.47.

Insider Buying and Selling

In other news, VP Berend Bracht sold 1,457 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $946.48, for a total transaction of $1,379,021.36. Following the sale, the vice president directly owned 2,580 shares in the company, valued at $2,441,918.40. This trade represents a 36.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,664 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the transaction, the chief operating officer owned 13,120 shares of the company’s stock, valued at $13,106,880. This represents a 26.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,551 shares of company stock worth $12,117,502 in the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.