New York State Common Retirement Fund Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

New York State Common Retirement Fund lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,588 shares of the industrial products company’s stock after selling 13,027 shares during the period. New York State Common Retirement Fund owned approximately 0.08% of Parker-Hannifin worth $49,566,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. PDS Planning Inc purchased a new stake in Parker-Hannifin during the 4th quarter valued at $230,000. Aspire Private Capital LLC boosted its holdings in shares of Parker-Hannifin by 5.0% during the fourth quarter. Aspire Private Capital LLC now owns 1,999 shares of the industrial products company’s stock worth $921,000 after purchasing an additional 95 shares during the period. Monument Capital Management bought a new stake in shares of Parker-Hannifin in the fourth quarter worth about $234,000. Jennison Associates LLC increased its holdings in Parker-Hannifin by 11.3% during the 4th quarter. Jennison Associates LLC now owns 290,500 shares of the industrial products company’s stock valued at $133,833,000 after purchasing an additional 29,544 shares during the period. Finally, OLD National Bancorp IN bought a new position in Parker-Hannifin during the 4th quarter valued at approximately $235,000. Institutional investors own 82.44% of the company’s stock.

Insider Transactions at Parker-Hannifin

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

Parker-Hannifin Stock Performance

Shares of PH opened at $546.35 on Thursday. The company has a market cap of $70.16 billion, a price-to-earnings ratio of 27.05, a P/E/G ratio of 2.01 and a beta of 1.52. The business’s fifty day simple moving average is $542.05 and its two-hundred day simple moving average is $476.11. Parker-Hannifin Co. has a 12 month low of $309.89 and a 12 month high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $4.82 billion. During the same period last year, the firm posted $4.76 earnings per share. Parker-Hannifin’s revenue was up 3.1% compared to the same quarter last year. Research analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PH shares. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. KeyCorp raised their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Evercore ISI upped their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Truist Financial assumed coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 target price for the company. Finally, Barclays lifted their price target on Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.

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.