Baker Avenue Asset Management LP Lowers Stake in Parker-Hannifin Co. (NYSE:PH)

Baker Avenue Asset Management LP cut its stake in Parker-Hannifin Co. (NYSE:PH) by 3.6% in the 4th quarter, Holdings Channel reports. The fund owned 50,122 shares of the industrial products company’s stock after selling 1,881 shares during the quarter. Parker-Hannifin comprises about 1.0% of Baker Avenue Asset Management LP’s holdings, making the stock its 23rd largest position. Baker Avenue Asset Management LP’s holdings in Parker-Hannifin were worth $31,879,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Parker-Hannifin in the fourth quarter worth $1,106,132,000. Proficio Capital Partners LLC increased its holdings in shares of Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock worth $725,229,000 after buying an additional 1,139,265 shares during the period. Capital World Investors purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $418,174,000. Assenagon Asset Management S.A. increased its stake in shares of Parker-Hannifin by 176.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock worth $278,661,000 after buying an additional 279,480 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Parker-Hannifin during the fourth quarter valued at about $175,739,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

PH stock opened at $619.37 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The firm has a 50 day moving average price of $600.70 and a 200-day moving average price of $645.71. Parker-Hannifin Co. has a 52-week low of $488.45 and a 52-week high of $718.44. The firm has a market capitalization of $79.73 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The business had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the company posted $6.51 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be paid a dividend of $1.80 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date is Friday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent analyst reports. Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Barclays reduced their target price on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. StockNews.com lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. KeyCorp boosted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus price target of $711.88.

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.