SouthState Corp Acquires 1,436 Shares of Parker-Hannifin Co. (NYSE:PH)

SouthState Corp grew its holdings in Parker-Hannifin Co. (NYSE:PH) by 4.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,761 shares of the industrial products company’s stock after purchasing an additional 1,436 shares during the period. Parker-Hannifin comprises about 1.3% of SouthState Corp’s investment portfolio, making the stock its 23rd biggest holding. SouthState Corp’s holdings in Parker-Hannifin were worth $19,435,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PH. Wilkinson Global Asset Management LLC boosted its stake in shares of 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 worth $24,700,000 after buying an additional 14,526 shares during the last quarter. UniSuper Management Pty Ltd lifted its position in shares of Parker-Hannifin by 198.7% in 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 acquiring an additional 2,289 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Parker-Hannifin by 19.9% in 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 purchasing an additional 11,510 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Parker-Hannifin by 1.8% in the first quarter. Public Employees Retirement System of Ohio now owns 54,535 shares of the industrial products company’s stock worth $30,310,000 after purchasing an additional 982 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Parker-Hannifin in the first quarter worth about $20,140,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

NYSE PH opened at $691.68 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The stock’s fifty day moving average price is $638.42 and its 200 day moving average price is $576.52. Parker-Hannifin Co. has a 1 year low of $426.49 and a 1 year high of $711.60. The company has a market cap of $89.03 billion, a price-to-earnings ratio of 31.24, a PEG ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the firm earned $5.96 EPS. The firm’s revenue was up 1.2% on a year-over-year basis. As a group, equities research analysts forecast that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, November 8th. Parker-Hannifin’s payout ratio is 29.45%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Mizuho boosted their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Robert W. Baird boosted their target price on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Evercore ISI boosted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft boosted their target price on Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Finally, TD Cowen boosted their target price on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $688.07.

Insiders Place Their Bets

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the completion of the sale, the chief executive officer now directly owns 33,607 shares in the company, valued at $23,682,516.83. The trade was a 12.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $9,263,244.80. The trade was a 27.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,927 shares of company stock valued at $12,807,811. Company insiders own 0.39% of the company’s stock.

Parker-Hannifin Company 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.