Fortitude Family Office LLC Sells 39 Shares of Parker-Hannifin Co. (NYSE:PH)

Fortitude Family Office LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 19.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 165 shares of the industrial products company’s stock after selling 39 shares during the quarter. Fortitude Family Office LLC’s holdings in Parker-Hannifin were worth $100,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PH. Global Retirement Partners LLC boosted its stake in Parker-Hannifin by 1.1% in the fourth quarter. Global Retirement Partners LLC now owns 1,392 shares of the industrial products company’s stock valued at $886,000 after acquiring an additional 15 shares in the last quarter. FFT Wealth Management LLC increased its holdings in shares of Parker-Hannifin by 1.3% during the fourth quarter. FFT Wealth Management LLC now owns 1,150 shares of the industrial products company’s stock valued at $732,000 after acquiring an additional 15 shares in the last quarter. GenTrust LLC raised its position in shares of Parker-Hannifin by 2.9% in the 4th quarter. GenTrust LLC now owns 524 shares of the industrial products company’s stock valued at $333,000 after purchasing an additional 15 shares during the last quarter. First Manhattan CO. LLC. boosted its stake in Parker-Hannifin by 1.0% in the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company’s stock worth $1,005,000 after purchasing an additional 15 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in Parker-Hannifin by 1.5% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company’s stock valued at $689,000 after purchasing an additional 16 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company’s 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 transaction, the vice president now directly owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PH. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Morgan Stanley started coverage on Parker-Hannifin in a report on Thursday, June 5th. They issued an “equal weight” rating and a $700.00 price objective on the stock. Wall Street Zen downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Finally, Truist Financial reduced their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $719.71.

Parker-Hannifin Price Performance

NYSE:PH opened at $671.65 on Thursday. 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 company has a 50 day moving average price of $623.09 and a 200-day moving average price of $645.18. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The firm has a market cap of $85.82 billion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company earned $6.51 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given 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 was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.07%. Parker-Hannifin’s dividend payout ratio (DPR) is 27.72%.

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.