AMF Tjanstepension AB Trims Stock Position in Parker-Hannifin Co. (NYSE:PH)

AMF Tjanstepension AB trimmed its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 13.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 659,405 shares of the industrial products company's stock after selling 98,857 shares during the period. Parker-Hannifin makes up approximately 3.0% of AMF Tjanstepension AB's portfolio, making the stock its 7th biggest holding. AMF Tjanstepension AB owned approximately 0.51% of Parker-Hannifin worth $416,680,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PH. M&R Capital Management Inc. boosted its stake in Parker-Hannifin by 5.3% in the third quarter. M&R Capital Management Inc. now owns 477 shares of the industrial products company's stock worth $302,000 after buying an additional 24 shares in the last quarter. Doliver Advisors LP purchased a new stake in Parker-Hannifin in the third quarter worth approximately $330,000. Centaurus Financial Inc. boosted its stake in Parker-Hannifin by 8.2% in the second quarter. Centaurus Financial Inc. now owns 302 shares of the industrial products company's stock worth $153,000 after buying an additional 23 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Parker-Hannifin in the second quarter worth approximately $4,957,000. Finally, KP Management LLC purchased a new stake in Parker-Hannifin in the second quarter worth approximately $3,035,000. 82.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Nicolaus upped their target price on Parker-Hannifin from $633.00 to $691.00 and gave the stock a "buy" rating in a research note on Wednesday. Truist Financial reaffirmed a "buy" rating and issued a $673.00 target price (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Evercore ISI increased their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an "outperform" rating in a research note on Monday, August 19th. Robert W. Baird increased their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the company an "outperform" rating in a research note on Friday, August 9th. Finally, StockNews.com raised Parker-Hannifin from a "hold" rating to a "buy" rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of "Moderate Buy" and an average price target of $636.64.

Insider Activity

In other news, Director Joseph Scaminace sold 1,751 shares of the firm's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of the firm's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the sale, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company's stock.

Parker-Hannifin Trading Down 0.2 %

Shares of Parker-Hannifin stock traded down $1.19 during midday trading on Thursday, reaching $626.31. 378,063 shares of the company's stock traded hands, compared to its average volume of 649,338. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The company has a market cap of $80.59 billion, a PE ratio of 29.31, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. The stock has a 50 day moving average of $583.78 and a 200-day moving average of $552.89. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $639.87.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts' consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.08 earnings per share. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.63 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.04%. Parker-Hannifin's payout ratio is presently 30.73%.

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.