SouthState Corp Raises Stock Position in Parker-Hannifin Co. (NYSE:PH)

SouthState Corp lifted its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 4.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,761 shares of the industrial products company's stock after purchasing an additional 1,436 shares during the quarter. Parker-Hannifin accounts for 1.3% of SouthState Corp's portfolio, making the stock its 23rd largest position. SouthState Corp's holdings in Parker-Hannifin were worth $19,435,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PH. Fifth Third Wealth Advisors LLC boosted its holdings in Parker-Hannifin by 4.4% in the third quarter. Fifth Third Wealth Advisors LLC now owns 1,399 shares of the industrial products company's stock valued at $884,000 after acquiring an additional 59 shares during the last quarter. Prospera Financial Services Inc boosted its holdings in Parker-Hannifin by 37.0% in the third quarter. Prospera Financial Services Inc now owns 1,347 shares of the industrial products company's stock valued at $853,000 after acquiring an additional 364 shares during the last quarter. Verity & Verity LLC bought a new position in Parker-Hannifin in the third quarter valued at about $234,000. OneAscent Financial Services LLC bought a new position in Parker-Hannifin in the third quarter valued at about $785,000. Finally, Caprock Group LLC boosted its holdings in Parker-Hannifin by 9.9% in the third quarter. Caprock Group LLC now owns 3,283 shares of the industrial products company's stock valued at $2,074,000 after acquiring an additional 297 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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 stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas C. Gentile sold 2,430 shares of the firm'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 transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,927 shares of company stock valued at $12,807,811 in the last 90 days. Insiders own 0.39% of the company's stock.

Parker-Hannifin Trading Down 0.3 %

Shares of NYSE PH traded down $1.94 during trading on Tuesday, reaching $689.74. The company had a trading volume of 245,900 shares, compared to its average volume of 642,871. The stock has a market cap of $88.78 billion, a P/E ratio of 31.20, a PEG ratio of 2.82 and a beta of 1.43. Parker-Hannifin Co. has a 12 month low of $426.49 and a 12 month high of $711.60. The company's fifty day moving average price is $638.42 and its 200-day moving average price is $576.52. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH - Get Free Report) last released 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 business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period last year, the business posted $5.96 earnings per share. As a group, research analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.45%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group assumed coverage on Parker-Hannifin in a report on Wednesday, November 13th. They set a "buy" rating and a $842.00 target price on the stock. KeyCorp raised their price target on Parker-Hannifin from $640.00 to $725.00 and gave the stock an "overweight" rating in a research report on Monday, October 14th. TD Cowen lifted their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a "hold" rating in a research report on Tuesday, November 12th. Barclays lifted their target price on Parker-Hannifin from $650.00 to $703.00 and gave the company an "overweight" rating in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their target price on Parker-Hannifin from $640.00 to $710.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $688.07.

Parker-Hannifin 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.