Teachers Retirement System of The State of Kentucky Lowers Stake in Parker-Hannifin Co. (NYSE:PH)

Teachers Retirement System of The State of Kentucky reduced its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 30.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 101,837 shares of the industrial products company's stock after selling 43,901 shares during the period. Parker-Hannifin accounts for approximately 0.6% of Teachers Retirement System of The State of Kentucky's portfolio, making the stock its 19th largest holding. Teachers Retirement System of The State of Kentucky owned approximately 0.08% of Parker-Hannifin worth $64,343,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PH. Addison Advisors LLC purchased a new stake in Parker-Hannifin during the 2nd quarter worth about $25,000. West Branch Capital LLC bought a new stake in shares of Parker-Hannifin during the third quarter valued at about $25,000. Bangor Savings Bank lifted its holdings in shares of Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock worth $28,000 after buying an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in shares of Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company's stock valued at $35,000 after acquiring an additional 25 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin during the third quarter valued at approximately $39,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. UBS Group started coverage on shares of Parker-Hannifin in a report on Wednesday, November 13th. They issued a "buy" rating and a $842.00 price target for the company. Stifel Nicolaus lowered Parker-Hannifin from a "buy" rating to a "hold" rating and set a $691.00 price objective for the company. in a research note on Monday, November 18th. Truist Financial upped their target price on Parker-Hannifin from $673.00 to $788.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. KeyCorp lifted their price target on Parker-Hannifin from $725.00 to $775.00 and gave the company an "overweight" rating in a research report on Thursday, November 21st. Finally, TD Cowen upped their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the stock a "hold" rating in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $704.88.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the firm's stock in a transaction dated 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 sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Thomas C. Gentile sold 2,430 shares of the company's stock in a transaction that occurred 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 transaction, the vice president now owns 5,465 shares in the company, valued at $3,831,839.40. This trade represents a 30.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,077 shares of company stock valued at $12,303,829 in the last 90 days. Insiders own 0.39% of the company's stock.

Parker-Hannifin Trading Up 1.2 %

PH traded up $8.46 on Wednesday, hitting $686.39. 690,951 shares of the company were exchanged, compared to its average volume of 634,208. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. Parker-Hannifin Co. has a 12 month low of $435.77 and a 12 month high of $712.42. The firm has a fifty day simple moving average of $665.49 and a two-hundred day simple moving average of $593.46. The stock has a market capitalization of $88.35 billion, a PE ratio of 31.01, a price-to-earnings-growth ratio of 2.81 and a beta of 1.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping the consensus estimate of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.96 earnings per share. Sell-side analysts expect that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a dividend of $1.63 per share. The ex-dividend date was Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.95%. 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.