Kentucky Retirement Systems Insurance Trust Fund Reduces Position in Parker-Hannifin Co. (NYSE:PH)

Kentucky Retirement Systems Insurance Trust Fund reduced its stake in Parker-Hannifin Co. (NYSE:PH) by 8.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,806 shares of the industrial products company’s stock after selling 340 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Parker-Hannifin were worth $2,405,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wilkinson Global Asset Management LLC lifted its holdings in Parker-Hannifin by 59.1% in the 3rd quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock valued at $24,700,000 after purchasing an additional 14,526 shares in the last quarter. UniSuper Management Pty Ltd lifted its stake in shares of Parker-Hannifin by 198.7% during the first quarter. UniSuper Management Pty Ltd now owns 3,441 shares of the industrial products company’s stock valued at $1,912,000 after buying an additional 2,289 shares during the period. Canada Pension Plan Investment Board boosted its position in Parker-Hannifin by 19.9% during the first quarter. Canada Pension Plan Investment Board now owns 69,270 shares of the industrial products company’s stock worth $38,500,000 after acquiring an additional 11,510 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Parker-Hannifin by 1.8% in the 1st quarter. Public Employees Retirement System of Ohio now owns 54,535 shares of the industrial products company’s stock worth $30,310,000 after acquiring an additional 982 shares during the period. Finally, Swedbank AB acquired a new position in Parker-Hannifin in the 1st quarter valued at $20,140,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Buying and Selling

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The trade was a 20.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. The trade was a 30.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,927 shares of company stock worth $12,807,811. 0.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Robert W. Baird raised their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Truist Financial raised their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $633.00 to $691.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $688.07.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $698.91 on Friday. The firm has a market capitalization of $89.96 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 2.82 and a beta of 1.43. Parker-Hannifin Co. has a one year low of $425.20 and a one year high of $711.60. The stock’s 50 day moving average price is $636.19 and its 200 day moving average price is $575.15. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The business had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $5.96 earnings per share. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 8th will be paid a dividend of $1.63 per share. The ex-dividend date is Friday, November 8th. This represents a $6.52 annualized dividend and a dividend yield of 0.93%. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

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.