Diamond Hill Capital Management Inc. Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Diamond Hill Capital Management Inc. lowered its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 803,843 shares of the industrial products company's stock after selling 51,138 shares during the quarter. Parker-Hannifin comprises approximately 2.1% of Diamond Hill Capital Management Inc.'s investment portfolio, making the stock its 12th largest holding. Diamond Hill Capital Management Inc. owned about 0.62% of Parker-Hannifin worth $507,884,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. International Assets Investment Management LLC grew its holdings in shares of Parker-Hannifin by 64,081.5% during the 3rd quarter. International Assets Investment Management LLC now owns 381,880 shares of the industrial products company's stock valued at $241,279,000 after purchasing an additional 381,285 shares during the last quarter. 1832 Asset Management L.P. boosted its position in shares of Parker-Hannifin by 305.0% in the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company's stock worth $171,069,000 after purchasing an additional 231,788 shares in the last quarter. AMF Tjanstepension AB raised its position in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company's stock worth $383,594,000 after purchasing an additional 141,862 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Parker-Hannifin by 107.7% during the 2nd quarter. Mackenzie Financial Corp now owns 271,717 shares of the industrial products company's stock valued at $137,437,000 after purchasing an additional 140,898 shares during the last quarter. Finally, Swedbank AB lifted its position in Parker-Hannifin by 377.8% during the third quarter. Swedbank AB now owns 158,085 shares of the industrial products company's stock valued at $99,881,000 after purchasing an additional 125,000 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jennifer A. Parmentier sold 4,906 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the sale, the chief executive officer now owns 33,607 shares of the company's stock, valued at $23,682,516.83. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,678 shares of company stock worth $13,840,428 over the last quarter. Corporate insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Evercore ISI increased their price target 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 raised their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Raymond James increased their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, TD Cowen raised their target price on Parker-Hannifin from $500.00 to $520.00 and gave the stock a "hold" rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $673.14.

Parker-Hannifin Price Performance

Shares of PH stock traded up $13.73 during trading hours on Monday, reaching $709.31. The company's stock had a trading volume of 229,167 shares, compared to its average volume of 645,497. The firm's 50 day simple moving average is $623.97 and its 200-day simple moving average is $569.99. Parker-Hannifin Co. has a fifty-two week low of $415.97 and a fifty-two week high of $711.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $91.30 billion, a price-to-earnings ratio of 31.42, a PEG ratio of 2.80 and a beta of 1.43.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business earned $5.96 EPS. Sell-side analysts forecast that Parker-Hannifin Co. will post 26.79 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. Parker-Hannifin's dividend payout ratio is presently 29.45%.

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.