Korea Investment CORP Lowers Position in Parker-Hannifin Co. (NYSE:PH)

Korea Investment CORP reduced its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 18.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 100,298 shares of the industrial products company's stock after selling 22,864 shares during the quarter. Korea Investment CORP owned 0.08% of Parker-Hannifin worth $63,793,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Avestar Capital LLC increased its stake in Parker-Hannifin by 11.4% in the 3rd quarter. Avestar Capital LLC now owns 645 shares of the industrial products company's stock valued at $408,000 after buying an additional 66 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Parker-Hannifin by 58.1% during the third quarter. BNP Paribas Financial Markets now owns 134,612 shares of the industrial products company's stock worth $85,051,000 after acquiring an additional 49,483 shares during the period. Townsquare Capital LLC raised its holdings in Parker-Hannifin by 14.9% during the third quarter. Townsquare Capital LLC now owns 5,275 shares of the industrial products company's stock worth $3,333,000 after purchasing an additional 685 shares in the last quarter. CreativeOne Wealth LLC lifted its position in Parker-Hannifin by 24.0% in the third quarter. CreativeOne Wealth LLC now owns 965 shares of the industrial products company's stock valued at $610,000 after purchasing an additional 187 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Parker-Hannifin by 5.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,626 shares of the industrial products company's stock valued at $39,568,000 after purchasing an additional 3,290 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Evercore ISI increased their price objective on Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Truist Financial boosted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Barclays lowered their price target on shares of Parker-Hannifin from $791.00 to $750.00 and set an "overweight" rating on the stock in a research note on Monday, March 10th. Finally, KeyCorp raised their price objective on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $736.65.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $1.68 during midday trading on Tuesday, reaching $609.53. 679,408 shares of the company were exchanged, compared to its average volume of 677,844. The firm's 50-day simple moving average is $655.77 and its 200-day simple moving average is $655.35. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44. The company has a market capitalization of $78.46 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted 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 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, February 7th. Parker-Hannifin's dividend payout ratio is currently 26.99%.

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.