Parker-Hannifin Corporation (NYSE:PH) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund cut its position in shares of Parker-Hannifin Corporation (NYSE:PH) by 0.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 164,490 shares of the industrial products company’s stock after selling 1,400 shares during the quarter. New York State Common Retirement Fund owned 0.13% of Parker-Hannifin worth $99,985,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of PH. Arizona State Retirement System boosted its stake in shares of Parker-Hannifin by 1.8% during the 1st quarter. Arizona State Retirement System now owns 37,776 shares of the industrial products company’s stock worth $22,962,000 after acquiring an additional 678 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Parker-Hannifin by 4.4% during the 1st quarter. Ballentine Partners LLC now owns 1,657 shares of the industrial products company’s stock worth $1,007,000 after acquiring an additional 70 shares in the last quarter. Fulcrum Equity Management bought a new stake in shares of Parker-Hannifin during the 1st quarter worth $204,000. Diversify Wealth Management LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter worth $215,000. Finally, Xponance Inc. boosted its stake in shares of Parker-Hannifin by 1.2% during the 1st quarter. Xponance Inc. now owns 21,655 shares of the industrial products company’s stock worth $13,163,000 after acquiring an additional 262 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Trading Up 0.1%

Shares of NYSE:PH opened at $715.13 on Monday. The stock has a market capitalization of $91.38 billion, a PE ratio of 27.54, a P/E/G ratio of 3.07 and a beta of 1.34. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $720.90. The firm has a fifty day moving average price of $672.33 and a 200 day moving average price of $645.96. 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 (NYSE:PH) last announced its quarterly 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 return on equity of 26.80% and a net margin of 17.14%. 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 firm earned $6.51 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. Analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared 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 was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

Analyst Upgrades and Downgrades

PH has been the subject of several research reports. Stifel Nicolaus raised their price objective on Parker-Hannifin from $670.00 to $709.00 and gave the stock a “hold” rating in a research note on Friday. Wolfe Research lowered Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Evercore ISI raised their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an “outperform” rating in a research note on Monday, May 19th. KeyCorp raised their target price on Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Finally, Citigroup dropped their price target on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $726.12.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president owned 2,083 shares of the company’s stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is owned by corporate insiders.

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.