Wedge Capital Management L L P NC Sells 5,517 Shares of Parker-Hannifin Co. (NYSE:PH)

Wedge Capital Management L L P NC trimmed its stake in Parker-Hannifin Co. (NYSE:PH) by 17.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,592 shares of the industrial products company’s stock after selling 5,517 shares during the period. Wedge Capital Management L L P NC’s holdings in Parker-Hannifin were worth $12,251,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Monument Capital Management bought a new position in Parker-Hannifin in the 4th quarter valued at about $234,000. Jennison Associates LLC raised its holdings in Parker-Hannifin by 11.3% during the 4th quarter. Jennison Associates LLC now owns 290,500 shares of the industrial products company’s stock valued at $133,833,000 after acquiring an additional 29,544 shares during the period. OLD National Bancorp IN bought a new stake in Parker-Hannifin during the 4th quarter valued at $235,000. CWM LLC raised its holdings in Parker-Hannifin by 22.9% during the 4th quarter. CWM LLC now owns 3,710 shares of the industrial products company’s stock valued at $1,709,000 after acquiring an additional 692 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Parker-Hannifin by 22.3% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,065 shares of the industrial products company’s stock valued at $10,165,000 after acquiring an additional 4,027 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a report on Friday, March 1st. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Barclays upped their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Finally, Truist Financial assumed coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $515.38.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the sale, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark J. Hart sold 5,197 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,552,265.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,079 shares of company stock valued at $6,099,566. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Up 1.1 %

PH stock traded up $5.75 during trading on Tuesday, reaching $545.47. The company had a trading volume of 20,306 shares, compared to its average volume of 580,419. Parker-Hannifin Co. has a 52 week low of $309.89 and a 52 week high of $570.15. The company has a market cap of $70.04 billion, a P/E ratio of 26.72, a PEG ratio of 1.96 and a beta of 1.52. The business has a 50 day moving average of $540.79 and a 200 day moving average of $474.50. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the firm earned $4.76 earnings per share. Parker-Hannifin’s revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio is 29.31%.

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.