Intech Investment Management LLC Decreases Stock Position in Parker-Hannifin Co. (NYSE:PH)

Intech Investment Management LLC cut its holdings in Parker-Hannifin Co. (NYSE:PH) by 80.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,319 shares of the industrial products company’s stock after selling 45,578 shares during the quarter. Intech Investment Management LLC’s holdings in Parker-Hannifin were worth $6,291,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PH. Sachetta LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at about $25,000. Wetzel Investment Advisors Inc. purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $26,000. First United Bank & Trust purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $29,000. Harbor Investment Advisory LLC raised its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 20 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $30,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The stock was 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 of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and lifted their price target for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Bank of America lifted their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Truist Financial lifted their price target on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. KeyCorp lifted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Finally, Argus lifted their price target on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $576.27.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded down $3.02 during trading on Friday, reaching $544.65. The stock had a trading volume of 600,474 shares, compared to its average volume of 735,546. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The business has a fifty day moving average price of $524.78 and a 200-day moving average price of $523.10. The stock has a market cap of $70.01 billion, a PE ratio of 25.67, a PEG ratio of 2.08 and a beta of 1.44. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $570.15.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $5.93 earnings per share. On average, equities analysts forecast that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.20%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is 30.73%.

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.