Lord Abbett & CO. LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 12.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 496,109 shares of the industrial products company's stock after selling 68,973 shares during the quarter. Parker-Hannifin comprises 1.0% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 13th biggest position. Lord Abbett & CO. LLC owned about 0.39% of Parker-Hannifin worth $315,540,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in Parker-Hannifin during the fourth quarter worth $1,106,132,000. Proficio Capital Partners LLC raised its stake in Parker-Hannifin by 116,370.3% during the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company's stock worth $725,229,000 after purchasing an additional 1,139,265 shares during the period. Capital World Investors acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $418,174,000. Assenagon Asset Management S.A. boosted its position in Parker-Hannifin by 176.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company's stock worth $278,661,000 after purchasing an additional 279,480 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $175,739,000. Hedge funds and other institutional investors own 82.44% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on PH shares. UBS Group lowered their price target on Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating for the company in a report on Friday, January 31st. Barclays cut their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Truist Financial cut their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Evercore ISI lifted their target price on Parker-Hannifin from $777.00 to $824.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company lifted their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $705.35.
View Our Latest Analysis on Parker-Hannifin
Parker-Hannifin Price Performance
NYSE PH traded up $6.48 during trading hours on Tuesday, reaching $603.57. 699,560 shares of the stock traded hands, compared to its average volume of 715,450. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The stock has a 50 day simple moving average of $605.53 and a two-hundred day simple moving average of $646.60. The company has a market cap of $77.69 billion, a price-to-earnings ratio of 24.98, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39.
Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. On average, analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be paid a $1.80 dividend. The ex-dividend date is Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.19%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is currently 29.80%.
About Parker-Hannifin
(
Free Report)
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.
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