Principal Financial Group Inc. Trims Stake in Parker-Hannifin Co. (NYSE:PH)

Principal Financial Group Inc. lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 10.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 699,730 shares of the industrial products company's stock after selling 85,567 shares during the quarter. Principal Financial Group Inc. owned 0.54% of Parker-Hannifin worth $445,050,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. J.W. Cole Advisors Inc. raised its position in shares of Parker-Hannifin by 2.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 2,447 shares of the industrial products company's stock valued at $1,557,000 after buying an additional 58 shares in the last quarter. L.M. Kohn & Company raised its position in Parker-Hannifin by 1.9% in the 4th quarter. L.M. Kohn & Company now owns 2,103 shares of the industrial products company's stock worth $1,338,000 after purchasing an additional 40 shares during the period. Secured Retirement Advisors LLC purchased a new position in Parker-Hannifin in the 4th quarter worth $1,292,000. Allworth Financial LP raised its position in Parker-Hannifin by 19.4% in the 4th quarter. Allworth Financial LP now owns 481 shares of the industrial products company's stock worth $325,000 after purchasing an additional 78 shares during the period. Finally, Everhart Financial Group Inc. raised its position in Parker-Hannifin by 1.9% in the 4th quarter. Everhart Financial Group Inc. now owns 968 shares of the industrial products company's stock worth $616,000 after purchasing an additional 18 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Down 0.8 %

NYSE:PH traded down $5.73 during mid-day trading on Thursday, hitting $695.82. 576,110 shares of the company's stock were exchanged, compared to its average volume of 653,540. Parker-Hannifin Co. has a one year low of $492.71 and a one 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 business has a fifty day moving average price of $665.39 and a 200 day moving average price of $643.20. The company has a market cap of $89.57 billion, a PE ratio of 28.80, a P/E/G ratio of 2.85 and a beta of 1.45.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Equities analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be issued a $1.63 dividend. The ex-dividend date is Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 0.94%. Parker-Hannifin's dividend payout ratio (DPR) is presently 26.99%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PH. Robert W. Baird raised their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. TD Cowen raised their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a "hold" rating in a report on Tuesday, November 12th. Wolfe Research raised shares of Parker-Hannifin from a "peer perform" rating to an "outperform" rating and set a $786.00 price target on the stock in a report on Thursday, December 12th. Argus raised their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Finally, Truist Financial raised their price target on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus target price of $739.06.

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.