Parker-Hannifin Corporation $PH Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC cut its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 9.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 109,245 shares of the industrial products company’s stock after selling 11,156 shares during the period. Madison Asset Management LLC’s holdings in Parker-Hannifin were worth $82,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in PH. Vanguard Group Inc. lifted its position in shares of Parker-Hannifin by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 11,125,240 shares of the industrial products company’s stock worth $7,770,646,000 after buying an additional 101,476 shares during the last quarter. Procyon Advisors LLC raised its stake in Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after acquiring an additional 5,066,179 shares during the period. Invesco Ltd. lifted its holdings in Parker-Hannifin by 1.8% in the second quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company’s stock worth $1,638,556,000 after acquiring an additional 41,221 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Parker-Hannifin by 4.4% in the second quarter. Ameriprise Financial Inc. now owns 2,194,687 shares of the industrial products company’s stock valued at $1,533,177,000 after acquiring an additional 92,913 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Parker-Hannifin by 0.7% during the second quarter. JPMorgan Chase & Co. now owns 2,075,234 shares of the industrial products company’s stock valued at $1,449,496,000 after purchasing an additional 14,534 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 1,457 shares of Parker-Hannifin stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the transaction, the vice president owned 2,580 shares of the company’s stock, valued at $2,441,918.40. The trade was a 36.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Dinu J. Parel sold 1,316 shares of Parker-Hannifin stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the completion of the transaction, the vice president owned 6,534 shares in the company, valued at approximately $6,207,626.70. This trade represents a 16.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 5,825 shares of company stock worth $5,391,341. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Robert W. Baird set a $1,050.00 price target on Parker-Hannifin in a report on Friday, January 30th. Stifel Nicolaus increased their target price on Parker-Hannifin from $941.00 to $965.00 and gave the stock a “hold” rating in a research report on Friday, January 30th. Truist Financial set a $1,139.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. Morgan Stanley reaffirmed a “positive” rating on shares of Parker-Hannifin in a report on Wednesday, January 14th. Finally, Susquehanna reissued a “positive” rating and set a $1,000.00 target price on shares of Parker-Hannifin in a research note on Wednesday, November 12th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $990.47.

Parker-Hannifin Stock Up 1.1%

PH stock opened at $989.98 on Wednesday. The firm’s 50-day moving average is $913.47 and its two-hundred day moving average is $819.76. The company has a market capitalization of $124.96 billion, a price-to-earnings ratio of 36.10, a price-to-earnings-growth ratio of 3.15 and a beta of 1.25. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $992.08. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter last year, the business earned $6.53 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s payout ratio is currently 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.