Parker-Hannifin Co. (NYSE:PH) Shares Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI raised its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 7.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,788 shares of the industrial products company's stock after purchasing an additional 2,144 shares during the period. Citizens Financial Group Inc. RI's holdings in Parker-Hannifin were worth $18,946,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company's stock valued at $3,918,696,000 after purchasing an additional 753,143 shares during the period. FMR LLC increased its position in Parker-Hannifin by 7.1% during the third quarter. FMR LLC now owns 4,116,257 shares of the industrial products company's stock worth $2,600,733,000 after purchasing an additional 272,531 shares during the last quarter. Geode Capital Management LLC raised its stake in Parker-Hannifin by 1.2% during the third quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company's stock worth $1,623,689,000 after purchasing an additional 29,408 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Parker-Hannifin by 39.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company's stock valued at $1,249,645,000 after purchasing an additional 564,365 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Parker-Hannifin by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company's stock valued at $1,007,102,000 after buying an additional 59,432 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wolfe Research upgraded Parker-Hannifin from a "peer perform" rating to an "outperform" rating and set a $786.00 target price on the stock in a report on Thursday, December 12th. Truist Financial lifted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. UBS Group dropped their target price on shares of Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Citigroup initiated coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They set a "buy" rating and a $795.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $736.65.

Parker-Hannifin Stock Down 3.5 %

PH stock traded down $21.59 during midday trading on Thursday, hitting $591.55. 1,471,826 shares of the company's stock were exchanged, compared to its average volume of 635,592. The firm has a 50 day moving average price of $662.61 and a 200-day moving average price of $651.00. Parker-Hannifin Co. has a 12-month low of $492.71 and a 12-month high of $718.44. The stock has a market capitalization of $76.14 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

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

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.10%. Parker-Hannifin's payout ratio is 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.