Victory Capital Management Inc. Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Victory Capital Management Inc. reduced its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 604,411 shares of the industrial products company’s stock after selling 19,537 shares during the period. Victory Capital Management Inc.’s holdings in Parker-Hannifin were worth $278,452,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PH. OFI Invest Asset Management purchased a new position in Parker-Hannifin in the third quarter worth approximately $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth about $26,000. Baystate Wealth Management LLC increased its position in shares of Parker-Hannifin by 233.3% during the third 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 in the last quarter. Oakworth Capital Inc. increased its position in shares of Parker-Hannifin by 48.3% during the third quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 28 shares in the last quarter. Finally, ORG Partners LLC acquired a new position in Parker-Hannifin in the 4th quarter valued at about $42,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded down $1.32 during trading on Wednesday, hitting $543.59. 339,726 shares of the stock were exchanged, compared to its average volume of 581,535. Parker-Hannifin Co. has a 12-month low of $318.32 and a 12-month high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The company has a fifty day moving average price of $544.46 and a two-hundred day moving average price of $480.89. The company has a market cap of $69.80 billion, a PE ratio of 26.98, a P/E/G ratio of 2.03 and a beta of 1.52.

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

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date is 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 dividend payout ratio is presently 29.31%.

Analyst Upgrades and Downgrades

PH has been the topic of several recent research reports. Truist Financial assumed coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target on the stock. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI lifted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Finally, KeyCorp lifted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $515.38.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is owned by corporate insiders.

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.