Stonegate Investment Group LLC Cuts Stock Position in Parker-Hannifin Co. (NYSE:PH)

Stonegate Investment Group LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PHFree Report) by 3.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,727 shares of the industrial products company’s stock after selling 68 shares during the quarter. Stonegate Investment Group LLC’s holdings in Parker-Hannifin were worth $796,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in Parker-Hannifin in the third quarter worth about $25,000. Baystate Wealth Management LLC raised its holdings in shares of Parker-Hannifin by 233.3% in the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 49 shares during the period. DHJJ Financial Advisors Ltd. purchased a new position in Parker-Hannifin in the third quarter valued at approximately $29,000. First Capital Advisors Group LLC. purchased a new stake in Parker-Hannifin in the second quarter worth $30,000. Finally, Oakworth Capital Inc. increased its holdings in Parker-Hannifin by 48.3% in the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 28 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wolfe Research reiterated a “peer perform” rating on shares of Parker-Hannifin in a research report on Monday, December 11th. Truist Financial began coverage on Parker-Hannifin in a research report on Thursday, March 14th. They set a “buy” rating and a $602.00 price target on the stock. KeyCorp boosted their price objective on shares of Parker-Hannifin from $500.00 to $575.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI raised their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Finally, TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $508.75.

View Our Latest Stock Report on Parker-Hannifin

Parker-Hannifin Trading Down 0.6 %

Shares of PH stock opened at $547.44 on Wednesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The business has a 50-day moving average of $523.56 and a 200 day moving average of $457.35. The stock has a market capitalization of $70.30 billion, a PE ratio of 27.10, a P/E/G ratio of 2.03 and a beta of 1.52. Parker-Hannifin Co. has a 1-year low of $308.26 and a 1-year high of $561.13.

Parker-Hannifin (NYSE:PHGet Free Report) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the business earned $4.76 earnings per share. The business’s revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.2 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were issued a dividend of $1.48 per share. The ex-dividend date was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.08%. Parker-Hannifin’s dividend payout ratio is currently 29.31%.

Insider Buying and Selling

In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark J. Hart sold 5,197 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now directly owns 7,063 shares in the company, valued at approximately $3,552,265.22. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock valued at $6,099,566 over the last ninety days. 1.03% of the stock is owned by insiders.

Parker-Hannifin Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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