Victory Capital Management Inc. Reduces Holdings in Parker-Hannifin Co. (NYSE:PH)

Victory Capital Management Inc. lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 20.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 118,067 shares of the industrial products company's stock after selling 30,492 shares during the period. Victory Capital Management Inc. owned approximately 0.09% of Parker-Hannifin worth $74,597,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Addison Advisors LLC bought a new position in shares of Parker-Hannifin in the second quarter valued at approximately $25,000. West Branch Capital LLC bought a new stake in Parker-Hannifin in the third quarter worth about $25,000. Bangor Savings Bank boosted its stake in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 31 shares during the last quarter. Fortitude Family Office LLC grew its position in shares of Parker-Hannifin by 346.7% during the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company's stock valued at $34,000 after acquiring an additional 52 shares during the period. Finally, Crewe Advisors LLC purchased a new stake in shares of Parker-Hannifin during the 1st quarter worth approximately $38,000. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In other news, 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 value of $1,703,818.80. Following the completion of the sale, the vice president now owns 5,465 shares of the company's stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Joseph R. Leonti sold 5,877 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,927 shares of company stock worth $12,807,811. 0.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PH has been the subject of several research reports. Argus increased their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a "buy" rating in a report on Tuesday, November 5th. KeyCorp increased their price target on Parker-Hannifin from $640.00 to $725.00 and gave the stock an "overweight" rating in a research note on Monday, October 14th. Robert W. Baird lifted their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Mizuho upped their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Finally, Truist Financial lifted their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $688.07.

Parker-Hannifin Price Performance

Shares of PH traded down $8.83 during trading hours on Thursday, reaching $697.63. 593,953 shares of the company's stock traded hands, compared to its average volume of 645,908. Parker-Hannifin Co. has a 12 month low of $425.20 and a 12 month high of $711.60. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. The stock has a market cap of $89.80 billion, a PE ratio of 31.91, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43. The firm's 50 day simple moving average is $631.19 and its 200-day simple moving average is $573.08.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. The business had revenue of $4.90 billion during the quarter, compared to analyst estimates 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 for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $5.96 earnings per share. Equities analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin's dividend payout ratio (DPR) is currently 29.45%.

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.