Parker-Hannifin Co. (NYSE:PH) Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. reduced its position in Parker-Hannifin Co. (NYSE:PH) by 81.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,909 shares of the industrial products company’s stock after selling 12,434 shares during the period. Polar Asset Management Partners Inc.’s holdings in Parker-Hannifin were worth $1,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PH. Howard Capital Management Group LLC acquired a new position in Parker-Hannifin during the fourth quarter valued at approximately $23,390,000. SG Americas Securities LLC lifted its holdings in shares of Parker-Hannifin by 752.5% during the 4th quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock valued at $15,507,000 after acquiring an additional 21,521 shares in the last quarter. Columbus Macro LLC lifted its holdings in shares of Parker-Hannifin by 485.2% during the 4th quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock valued at $6,838,000 after acquiring an additional 8,914 shares in the last quarter. Congress Asset Management Co. increased its holdings in Parker-Hannifin by 15.5% in the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after purchasing an additional 25,605 shares in the last quarter. Finally, HUB Investment Partners LLC increased its holdings in Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company’s stock valued at $4,960,000 after purchasing an additional 1,057 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Performance

PH stock opened at $680.95 on Friday. The stock’s 50 day simple moving average is $603.37 and its 200 day simple moving average is $647.09. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market cap of $87.01 billion, a P/E ratio of 28.19, a P/E/G ratio of 2.85 and a beta of 1.36. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share 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 company had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the company earned $6.51 earnings per share. The firm’s revenue was down 2.2% compared to the same quarter last year. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors 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. The ex-dividend date of this dividend is Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.06%. Parker-Hannifin’s dividend payout ratio is 27.72%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Truist Financial lowered their target price on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Citigroup reduced their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $564.00 to $630.00 and gave the company a “hold” rating in a report on Friday, May 2nd. Finally, Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $710.12.

About Parker-Hannifin

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.