Nuveen Asset Management LLC Sells 123,601 Shares of Parker-Hannifin Co. (NYSE:PH)

Nuveen Asset Management LLC trimmed its stake in Parker-Hannifin Co. (NYSE:PH) by 8.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,326,311 shares of the industrial products company’s stock after selling 123,601 shares during the period. Nuveen Asset Management LLC owned approximately 1.03% of Parker-Hannifin worth $843,574,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin in the 4th quarter worth about $30,000. Kestra Investment Management LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter worth about $40,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company’s stock worth $42,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Price Performance

PH opened at $678.54 on Wednesday. The firm has a market capitalization of $86.70 billion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The business’s 50-day moving average is $599.90 and its two-hundred day moving average is $646.17. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44.

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

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given 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 annualized dividend and a yield of 1.06%. The ex-dividend date of this dividend is Friday, May 9th. Parker-Hannifin’s dividend payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

PH has been the subject of several analyst reports. StockNews.com downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Wolfe Research downgraded Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Barclays dropped their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Citigroup reduced their target price on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $710.12.

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.