Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Perfromance Wealth Partners LLC

Perfromance Wealth Partners LLC cut its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 13.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,677 shares of the industrial products company’s stock after selling 1,050 shares during the period. Parker-Hannifin accounts for 0.1% of Perfromance Wealth Partners LLC’s holdings, making the stock its 29th biggest position. Perfromance Wealth Partners LLC’s holdings in Parker-Hannifin were worth $4,059,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Parker-Hannifin in the 4th quarter valued at about $1,106,132,000. GAMMA Investing LLC increased its position in shares of Parker-Hannifin by 66,111.8% in the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company’s stock valued at $1,054,870,000 after buying an additional 1,732,791 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after buying an additional 1,139,265 shares in the last quarter. Royal Bank of Canada increased its holdings in Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares in the last quarter. Finally, Capital World Investors acquired a new position in Parker-Hannifin during the fourth quarter worth $418,174,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Trading Down 0.1%

Shares of PH stock opened at $651.73 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company’s 50-day moving average price is $636.98 and its 200-day moving average price is $642.93. The stock has a market cap of $83.28 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the business posted $6.51 EPS. Parker-Hannifin’s revenue was down 2.2% on a year-over-year basis. As a group, equities analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Argus set a $680.00 target price on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Morgan Stanley began coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective for the company. KeyCorp raised their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Finally, Mizuho set a $785.00 price objective on Parker-Hannifin in a research note on Friday, May 16th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $719.71.

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.