Parker-Hannifin Co. (NYSE:PH) Shares Sold by Zacks Investment Management

Zacks Investment Management trimmed its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 9.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 203,335 shares of the industrial products company's stock after selling 21,342 shares during the period. Parker-Hannifin comprises about 1.2% of Zacks Investment Management's portfolio, making the stock its 18th largest holding. Zacks Investment Management owned approximately 0.16% of Parker-Hannifin worth $129,327,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Whipplewood Advisors LLC purchased a new stake in Parker-Hannifin during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $30,000. Bank of New Hampshire acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $35,000. Finally, Kestra Investment Management LLC purchased a new position in Parker-Hannifin during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Stock Performance

NYSE:PH traded up $1.76 during mid-day trading on Friday, reaching $561.21. 558,227 shares of the stock were exchanged, compared to its average volume of 712,584. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The company has a 50 day simple moving average of $619.17 and a 200-day simple moving average of $648.41. The stock has a market capitalization of $72.24 billion, a P/E ratio of 23.23, a P/E/G ratio of 2.85 and a beta of 1.39.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating analysts' consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.16%. The ex-dividend date was Friday, February 7th. Parker-Hannifin's dividend payout ratio is presently 26.99%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. KeyCorp cut their target price on Parker-Hannifin from $790.00 to $690.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. StockNews.com downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Citigroup dropped their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research note on Monday. Barclays lowered their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and an average price target of $705.35.

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.