Russell Investments Group Ltd. Sells 2,440 Shares of Parker-Hannifin Co. (NYSE:PH)

Russell Investments Group Ltd. lessened its holdings in Parker-Hannifin Co. (NYSE:PH) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,604 shares of the industrial products company’s stock after selling 2,440 shares during the quarter. Russell Investments Group Ltd.’s holdings in Parker-Hannifin were worth $16,414,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Alphinity Investment Management Pty Ltd acquired a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $310,208,000. FMR LLC grew its position in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after acquiring an additional 324,063 shares during the period. International Assets Investment Management LLC increased its stake in shares of Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after purchasing an additional 219,220 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Parker-Hannifin by 52.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock valued at $197,255,000 after purchasing an additional 173,323 shares during the period. Finally, iA Global Asset Management Inc. acquired a new stake in Parker-Hannifin in the 3rd quarter valued at about $58,601,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Stifel Nicolaus boosted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Mizuho raised their price target on Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. KeyCorp raised their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, Truist Financial upped their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $536.18 on Friday. The firm has a market cap of $68.85 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49. The stock’s fifty day moving average price is $544.86 and its two-hundred day moving average price is $481.66. Parker-Hannifin Co. has a one year low of $319.14 and a one year high of $570.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The business had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.93 earnings per share. As a group, research analysts expect that Parker-Hannifin Co. will post 24.69 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. This is a boost 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 27.90%.

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.