Allstate Corp Invests $2.42 Million in Parker-Hannifin Co. (NYSE:PH)

Allstate Corp bought a new position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,805 shares of the industrial products company's stock, valued at approximately $2,420,000.

Other hedge funds have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. grew its holdings in Parker-Hannifin by 10.4% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,646 shares of the industrial products company's stock valued at $1,047,000 after buying an additional 155 shares in the last quarter. Level Four Advisory Services LLC boosted its stake in Parker-Hannifin by 6.2% in the fourth quarter. Level Four Advisory Services LLC now owns 1,086 shares of the industrial products company's stock valued at $691,000 after buying an additional 63 shares in the last quarter. Orion Portfolio Solutions LLC lifted its stake in Parker-Hannifin by 1.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,349 shares of the industrial products company's stock valued at $2,766,000 after purchasing an additional 51 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Parker-Hannifin by 6.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 557,160 shares of the industrial products company's stock valued at $354,370,000 after acquiring an additional 34,821 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in Parker-Hannifin by 0.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 37,962 shares of the industrial products company's stock worth $24,145,000 after purchasing an additional 162 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Analyst Upgrades and Downgrades

PH has been the subject of a number of analyst reports. Citigroup began coverage on shares of Parker-Hannifin in a research note on Friday, February 7th. They set a "buy" rating and a $795.00 target price for the company. Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday. Truist Financial boosted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company upped their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $736.65.

Parker-Hannifin Price Performance

NYSE:PH traded down $65.89 during trading hours on Thursday, hitting $563.09. The stock had a trading volume of 764,183 shares, compared to its average volume of 678,998. The firm has a market capitalization of $72.48 billion, a price-to-earnings ratio of 23.31, a P/E/G ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a one year low of $492.71 and a one year high of $718.44. The company has a 50 day simple moving average of $654.89 and a two-hundred day simple moving average of $655.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating analysts' consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Research analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.16%. Parker-Hannifin's dividend payout ratio (DPR) is currently 26.99%.

Parker-Hannifin Company Profile

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.