Parker-Hannifin Co. (NYSE:PH) Shares Sold by Courier Capital LLC

Courier Capital LLC trimmed its holdings in Parker-Hannifin Co. (NYSE:PH) by 4.6% during the first quarter, Holdings Channel.com reports. The fund owned 419 shares of the industrial products company’s stock after selling 20 shares during the period. Courier Capital LLC’s holdings in Parker-Hannifin were worth $233,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $665,188,000. Alphinity Investment Management Pty Ltd grew its holdings in Parker-Hannifin by 42.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after buying an additional 336,370 shares during the last quarter. Kodai Capital Management LP purchased a new position in Parker-Hannifin during the fourth quarter worth $122,449,000. International Assets Investment Management LLC raised its holdings 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 acquiring an additional 219,220 shares during the last quarter. Finally, iA Global Asset Management Inc. purchased a new stake in shares of Parker-Hannifin in the third quarter valued at $58,601,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PH. Barclays dropped their price objective on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Truist Financial reissued a “buy” rating and issued a $611.00 price objective on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Wells Fargo & Company decreased their target price on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Finally, KeyCorp increased their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $569.06.

Parker-Hannifin Trading Up 0.3 %

Shares of PH stock traded up $1.59 during mid-day trading on Friday, reaching $505.81. The company’s stock had a trading volume of 2,798,501 shares, compared to its average volume of 657,164. The company’s 50 day simple moving average is $532.30 and its 200-day simple moving average is $514.77. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $570.15. The firm has a market capitalization of $65.02 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the firm posted $5.93 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, research analysts predict that Parker-Hannifin Co. will post 24.84 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were given a $1.63 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.29%. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Parker-Hannifin news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 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.