Verity & Verity LLC grew its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 836.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,464 shares of the industrial products company's stock after acquiring an additional 3,094 shares during the period. Verity & Verity LLC's holdings in Parker-Hannifin were worth $2,203,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Franklin Resources Inc. grew its position in shares of Parker-Hannifin by 39.2% in the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company's stock valued at $415,409,000 after purchasing an additional 181,859 shares in the last quarter. Wilkinson Global Asset Management LLC grew its holdings in Parker-Hannifin by 59.1% during the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company's stock valued at $24,700,000 after buying an additional 14,526 shares in the last quarter. Banco Santander S.A. increased its position in shares of Parker-Hannifin by 11.9% during the third quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company's stock valued at $9,147,000 after buying an additional 1,544 shares during the period. Ritholtz Wealth Management lifted its holdings in shares of Parker-Hannifin by 88.4% in the third quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company's stock worth $931,000 after buying an additional 691 shares in the last quarter. Finally, FMR LLC grew its stake in Parker-Hannifin by 7.1% during the third quarter. FMR LLC now owns 4,116,257 shares of the industrial products company's stock valued at $2,600,733,000 after acquiring an additional 272,531 shares in the last quarter. Institutional investors own 82.44% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have issued reports on PH shares. Robert W. Baird increased their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. 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 $788.00 to $842.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Mizuho lifted their price target on Parker-Hannifin from $665.00 to $715.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Finally, Barclays upped their price objective 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. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $722.94.
View Our Latest Analysis on PH
Parker-Hannifin Stock Performance
Shares of Parker-Hannifin stock traded up $12.09 during trading hours on Friday, reaching $670.75. 728,894 shares of the stock traded hands, compared to its average volume of 506,987. The company has a 50 day moving average price of $670.95 and a 200 day moving average price of $619.29. Parker-Hannifin Co. has a one year low of $458.09 and a one year high of $712.42. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $86.34 billion, a price-to-earnings ratio of 30.30, a P/E/G ratio of 2.54 and a beta of 1.45.
Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. On average, equities research analysts expect that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal 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 $1.63 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.97%. Parker-Hannifin's dividend payout ratio is presently 29.45%.
Insiders Place Their Bets
In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares in the company, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Thomas C. Gentile sold 2,430 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president now owns 5,465 shares in the company, valued at approximately $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 sold 18,077 shares of company stock worth $12,303,829 in the last three months. 0.39% of the stock is owned by company insiders.
About Parker-Hannifin
(
Free Report)
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.
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