Symphony Financial Ltd. Co. Cuts Holdings in Parker-Hannifin Co. (NYSE:PH)

Symphony Financial Ltd. Co. cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 6.1% during the 1st quarter, Holdings Channel reports. The firm owned 1,510 shares of the industrial products company’s stock after selling 98 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Parker-Hannifin were worth $839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Parker-Hannifin in the fourth quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd raised its position in shares of Parker-Hannifin by 42.2% in 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. Kodai Capital Management LP bought a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $122,449,000. International Assets Investment Management LLC raised its position in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after purchasing an additional 219,220 shares during the period. Finally, iA Global Asset Management Inc. bought a new stake in shares of Parker-Hannifin in the third quarter valued at approximately $58,601,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

PH stock traded up $1.59 during midday trading on Friday, reaching $505.81. The company had a trading volume of 2,809,368 shares, compared to its average volume of 748,323. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15. The company has a market capitalization of $65.02 billion, a P/E ratio of 23.84, a P/E/G ratio of 2.02 and a beta of 1.46. The firm has a 50-day moving average price of $531.05 and a 200-day moving average price of $515.68.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter in the prior year, the company earned $5.93 EPS. The firm’s revenue was up .3% on a year-over-year basis. On average, research analysts anticipate that Parker-Hannifin Co. will post 24.85 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were paid a $1.63 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.29%. Parker-Hannifin’s dividend payout ratio is 30.73%.

Insider Activity

In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the sale, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the sale, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on PH shares. Wells Fargo & Company lowered their price target on shares of Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial reissued a “buy” rating and issued a $611.00 price target on shares of Parker-Hannifin in a research report on Wednesday, May 15th. Argus boosted their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Bank of America boosted their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $569.06.

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.