Retirement Systems of Alabama Sells 11,389 Shares of Parker-Hannifin Co. (NYSE:PH)

Retirement Systems of Alabama reduced its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 12.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,911 shares of the industrial products company's stock after selling 11,389 shares during the quarter. Retirement Systems of Alabama owned approximately 0.06% of Parker-Hannifin worth $52,385,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Oddo BHF Asset Management Sas acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $2,521,000. Franklin Resources Inc. lifted its holdings in Parker-Hannifin by 39.2% in the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company's stock worth $415,409,000 after acquiring an additional 181,859 shares during the last quarter. Synovus Financial Corp boosted its stake in Parker-Hannifin by 12.5% in the third quarter. Synovus Financial Corp now owns 3,417 shares of the industrial products company's stock valued at $2,159,000 after acquiring an additional 380 shares during the period. Tidal Investments LLC grew its holdings in shares of Parker-Hannifin by 10.8% during the third quarter. Tidal Investments LLC now owns 9,683 shares of the industrial products company's stock valued at $6,118,000 after purchasing an additional 946 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB raised its position in shares of Parker-Hannifin by 176.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 9,108 shares of the industrial products company's stock worth $5,755,000 after purchasing an additional 5,817 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded down $10.75 during midday trading on Friday, reaching $671.82. The company's stock had a trading volume of 626,889 shares, compared to its average volume of 634,676. The business's fifty day simple moving average is $668.62 and its 200-day simple moving average is $595.71. The company has a market capitalization of $86.48 billion, a P/E ratio of 30.34, a P/E/G ratio of 2.77 and a beta of 1.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a fifty-two week low of $440.00 and a fifty-two week high of $712.42.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analysts' expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. Parker-Hannifin's revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.96 earnings per share. As a group, equities research analysts expect that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 8th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is currently 29.45%.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of recent research reports. Evercore ISI upped their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the stock an "outperform" rating in a research note on Monday, August 19th. Robert W. Baird lifted their price objective on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Jefferies Financial Group increased their price objective on Parker-Hannifin from $765.00 to $810.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Barclays boosted their price target on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an "overweight" rating in a research report on Thursday, December 5th. Finally, Truist Financial increased their price target on Parker-Hannifin from $673.00 to $788.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $709.65.

Insider Transactions at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,864 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares of the company's stock, valued at approximately $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,077 shares of company stock worth $12,303,829 in the last three months. Insiders own 0.39% of the company's stock.

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.