SouthState Corp Buys 1,827 Shares of Parker-Hannifin Corporation $PH

SouthState Corp raised its stake in Parker-Hannifin Corporation (NYSE:PH) by 5.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,580 shares of the industrial products company’s stock after acquiring an additional 1,827 shares during the period. Parker-Hannifin comprises about 1.1% of SouthState Corp’s investment portfolio, making the stock its 22nd largest position. SouthState Corp’s holdings in Parker-Hannifin were worth $24,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Cascade Financial Partners LLC boosted its stake in Parker-Hannifin by 3.1% in the first quarter. Cascade Financial Partners LLC now owns 498 shares of the industrial products company’s stock worth $303,000 after purchasing an additional 15 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Parker-Hannifin by 0.8% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,814 shares of the industrial products company’s stock worth $1,103,000 after purchasing an additional 15 shares in the last quarter. Bingham Private Wealth LLC boosted its stake in Parker-Hannifin by 3.3% in the second quarter. Bingham Private Wealth LLC now owns 472 shares of the industrial products company’s stock worth $330,000 after purchasing an additional 15 shares in the last quarter. Meadow Creek Wealth Advisors LLC boosted its stake in Parker-Hannifin by 3.6% in the second quarter. Meadow Creek Wealth Advisors LLC now owns 430 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 15 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in Parker-Hannifin by 3.6% in the second quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock worth $300,000 after purchasing an additional 15 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 1,133 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $729.50, for a total value of $826,523.50. Following the completion of the sale, the vice president directly owned 5,465 shares in the company, valued at $3,986,717.50. This represents a 17.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph R. Leonti sold 4,625 shares of the stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $750.84, for a total value of $3,472,635.00. Following the completion of the sale, the executive vice president owned 13,878 shares of the company’s stock, valued at $10,420,157.52. This trade represents a 25.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 14,039 shares of company stock valued at $10,356,566. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

PH has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on Parker-Hannifin from $700.00 to $725.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. Cowen reaffirmed a “hold” rating on shares of Parker-Hannifin in a research note on Friday, August 29th. Barclays upped their price target on Parker-Hannifin from $776.00 to $785.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Susquehanna assumed coverage on Parker-Hannifin in a research note on Friday, August 15th. They set a “positive” rating and a $860.00 price target on the stock. Finally, Raymond James Financial upped their price target on Parker-Hannifin from $735.00 to $845.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $794.35.

Parker-Hannifin Trading Up 0.7%

NYSE:PH opened at $774.32 on Thursday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $792.53. The business’s 50-day moving average price is $755.45 and its two-hundred day moving average price is $709.53. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $97.99 billion, a price-to-earnings ratio of 28.55, a PEG ratio of 3.21 and a beta of 1.37.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%.The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.10 billion. During the same quarter in the prior year, the firm posted $6.77 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 7th will be paid a $1.80 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $7.20 annualized dividend and a yield of 0.9%. Parker-Hannifin’s dividend payout ratio is presently 26.55%.

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.