Vestcor Inc Trims Holdings in Parker-Hannifin Corporation $PH

Vestcor Inc trimmed its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 30.0% in the third quarter, Holdings Channel reports. The fund owned 4,104 shares of the industrial products company’s stock after selling 1,762 shares during the period. Vestcor Inc’s holdings in Parker-Hannifin were worth $3,111,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in PH. Brighton Jones LLC boosted its stake in shares of Parker-Hannifin by 5.9% during the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock worth $1,150,000 after acquiring an additional 101 shares in the last quarter. Bison Wealth LLC lifted its stake in Parker-Hannifin by 4.5% in the 4th quarter. Bison Wealth LLC now owns 749 shares of the industrial products company’s stock valued at $476,000 after buying an additional 32 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Parker-Hannifin by 0.5% in the first quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company’s stock valued at $1,759,000 after acquiring an additional 15 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Parker-Hannifin by 26.2% during the first quarter. Acadian Asset Management LLC now owns 799 shares of the industrial products company’s stock valued at $484,000 after acquiring an additional 166 shares during the last quarter. Finally, Sivia Capital Partners LLC increased its position in Parker-Hannifin by 3.6% during the 2nd 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 Activity at Parker-Hannifin

In other Parker-Hannifin news, CFO Todd M. Leombruno sold 2,062 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the transaction, the chief financial officer owned 20,610 shares in the company, valued at approximately $20,658,227.40. This represents a 9.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the sale, the vice president directly owned 1,000 shares of the company’s stock, valued at $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 12,551 shares of company stock worth $12,117,502. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PH shares. Citigroup lifted their price target on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Barclays raised their price target on Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. BNP Paribas Exane started coverage on Parker-Hannifin in a report on Thursday, December 4th. They set an “outperform” rating and a $1,020.00 price objective for the company. Truist Financial set a $1,139.00 price target on shares of Parker-Hannifin in a research report on Friday, January 30th. Finally, Morgan Stanley upped their target price on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 24th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $995.37.

Parker-Hannifin Price Performance

NYSE PH opened at $949.78 on Wednesday. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,034.96. The stock has a market cap of $119.88 billion, a price-to-earnings ratio of 34.64, a price-to-earnings-growth ratio of 3.00 and a beta of 1.23. The company has a 50-day moving average price of $958.04 and a two-hundred day moving average price of $856.23. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the company earned $6.53 earnings per share. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. Analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were issued a dividend of $1.80 per share. The ex-dividend date was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is currently 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.