Parker-Hannifin Co. (NYSE:PH) Stock Position Raised by LGT Group Foundation

LGT Group Foundation lifted its position in Parker-Hannifin Co. (NYSE:PH) by 4.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 54,872 shares of the industrial products company’s stock after buying an additional 2,369 shares during the quarter. LGT Group Foundation’s holdings in Parker-Hannifin were worth $25,349,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Parker-Hannifin in the 3rd quarter valued at $310,208,000. FMR LLC raised its holdings in Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after buying an additional 324,063 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after buying an additional 219,220 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Parker-Hannifin by 52.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock worth $197,255,000 after acquiring an additional 173,323 shares in the last quarter. Finally, iA Global Asset Management Inc. acquired a new position in shares of Parker-Hannifin during the 3rd quarter valued at about $58,601,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $15.03 during trading hours on Thursday, hitting $527.93. The stock had a trading volume of 911,345 shares, compared to its average volume of 589,265. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The company has a market cap of $67.79 billion, a PE ratio of 26.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The company has a 50-day moving average of $544.84 and a two-hundred day moving average of $481.32. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The firm had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the business earned $4.76 earnings per share. Parker-Hannifin’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that Parker-Hannifin Co. will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.24%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.31%.

Analyst Upgrades and Downgrades

PH has been the subject of several analyst reports. Truist Financial started coverage on Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 target price for the company. KeyCorp upped their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, Evercore ISI raised their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Insider Activity

In other news, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at approximately $3,552,265.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Parker-Hannifin news, EVP Mark J. Hart sold 5,197 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,079 shares of company stock worth $6,099,566. Corporate insiders own 1.03% of the company’s stock.

About Parker-Hannifin

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.