Handelsinvest Investeringsforvaltning Decreases Stake in Parker-Hannifin Co. (NYSE:PH)

Handelsinvest Investeringsforvaltning reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,584 shares of the industrial products company’s stock after selling 56 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Parker-Hannifin were worth $1,436,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sachetta LLC acquired a new position in Parker-Hannifin in the 4th quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin during the 4th quarter valued at about $26,000. First United Bank & Trust purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $29,000. Harbor Investment Advisory LLC raised its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $30,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on PH shares. Wells Fargo & Company lowered their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Argus upped their target price on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Truist Financial increased their price objective on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a report on Tuesday. Barclays cut their target price on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $629.00 price objective on shares of Parker-Hannifin in a research report on Tuesday. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $569.69.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Jay Reidy sold 572 shares of the firm’s stock in a transaction that occurred 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 owns 1,137 shares of the company’s stock, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 completion of the sale, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. Company insiders own 1.03% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $509.63 on Wednesday. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15. The stock has a market cap of $65.51 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 2.09 and a beta of 1.44. The business’s fifty day moving average price is $530.28 and its two-hundred day moving average price is $516.53. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87.

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

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a $1.63 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.28%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

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.