SlateStone Wealth LLC Lowers Position in Parker-Hannifin Co. (NYSE:PH)

SlateStone Wealth LLC cut its stake in Parker-Hannifin Co. (NYSE:PH) by 26.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,435 shares of the industrial products company’s stock after selling 509 shares during the quarter. SlateStone Wealth LLC’s holdings in Parker-Hannifin were worth $661,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Parker-Hannifin by 9.6% in the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after acquiring an additional 324,063 shares in the last quarter. Invesco Ltd. grew its holdings in Parker-Hannifin by 1.8% during the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock valued at $1,134,069,000 after purchasing an additional 52,739 shares during the period. Northern Trust Corp grew its holdings in Parker-Hannifin by 2.9% during the third quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company’s stock valued at $510,320,000 after purchasing an additional 36,744 shares during the period. Alphinity Investment Management Pty Ltd grew its holdings in Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares during the period. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Parker-Hannifin by 7.4% in the third quarter. Kestra Advisory Services LLC now owns 626,760 shares of the industrial products company’s stock worth $244,136,000 after acquiring an additional 43,059 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Up 2.3 %

NYSE:PH traded up $12.66 during mid-day trading on Tuesday, reaching $552.38. 176,473 shares of the company’s stock traded hands, compared to its average volume of 582,242. Parker-Hannifin Co. has a 12-month low of $309.89 and a 12-month high of $570.15. The firm has a market capitalization of $70.93 billion, a price-to-earnings ratio of 26.72, a PEG ratio of 1.96 and a beta of 1.52. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The company has a 50 day moving average price of $540.79 and a 200-day moving average price of $474.50.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the business earned $4.76 EPS. Parker-Hannifin’s revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $1.48 dividend. The ex-dividend date was Thursday, February 8th. This represents a $5.92 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin’s payout ratio is currently 29.31%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PH. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI increased their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Truist Financial started coverage on Parker-Hannifin in a research report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price for the company. KeyCorp boosted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $551.00 target price on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.

Insider Buying and Selling

In related news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock worth $6,099,566 in the last 90 days. Insiders own 1.03% of the company’s stock.

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.