Oakworth Capital Inc. Lowers Stock Position in Parker-Hannifin Co. (NYSE:PH)

Oakworth Capital Inc. reduced its position in shares of Parker-Hannifin Co. (NYSE:PH) by 34.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56 shares of the industrial products company’s stock after selling 30 shares during the period. Oakworth Capital Inc.’s holdings in Parker-Hannifin were worth $26,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Parker-Hannifin by 2.0% during the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after buying an additional 190,889 shares during the last quarter. FMR LLC increased its stake in shares of Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after purchasing an additional 324,063 shares during the last quarter. Invesco Ltd. increased its stake in shares of Parker-Hannifin by 1.8% in the third quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock worth $1,134,069,000 after purchasing an additional 52,739 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Parker-Hannifin by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 2,637,380 shares of the industrial products company’s stock worth $884,432,000 after buying an additional 58,506 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Parker-Hannifin by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,990,847 shares of the industrial products company’s stock valued at $564,923,000 after buying an additional 24,977 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PH. Stifel Nicolaus lifted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. The Goldman Sachs Group reiterated a “buy” rating and set a $551.00 price target on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Barclays raised their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Truist Financial assumed coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price on the stock. Finally, TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price target for the company from $300.00 to $500.00 in a report on Friday, March 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $515.38.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $538.09 on Friday. The stock has a market capitalization of $69.10 billion, a P/E ratio of 26.64, a price-to-earnings-growth ratio of 1.98 and a beta of 1.52. Parker-Hannifin Co. has a one year low of $309.89 and a one year high of $570.15. 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 business’s 50 day simple moving average is $540.09 and its two-hundred day simple moving average is $471.11.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm’s revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.76 EPS. Analysts forecast that Parker-Hannifin Co. will post 24.3 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s payout ratio is 29.31%.

Insiders Place Their Bets

In other news, EVP Mark J. Hart sold 5,197 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Andrew D. Ross sold 3,904 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,079 shares of company stock worth $6,099,566. 1.03% of the stock is currently owned by company 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.