Columbus Macro LLC Lowers Stock Position in Parker-Hannifin Co. (NYSE:PH)

Columbus Macro LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 16.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,107 shares of the industrial products company’s stock after selling 424 shares during the period. Columbus Macro LLC’s holdings in Parker-Hannifin were worth $1,171,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PH. Norges Bank acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings in 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 acquiring an additional 336,370 shares during the period. Kodai Capital Management LP acquired a new stake in Parker-Hannifin in the fourth quarter valued at $122,449,000. International Assets Investment Management LLC lifted its holdings in 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 acquiring an additional 219,220 shares during the period. Finally, iA Global Asset Management Inc. acquired a new stake in Parker-Hannifin in the third quarter valued at $58,601,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PH has been the subject of a number of recent analyst reports. Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Truist Financial reissued a “buy” rating and issued a $611.00 target price on shares of Parker-Hannifin in a report on Wednesday, May 15th. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Wells Fargo & Company cut their price target 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. Finally, Argus lifted their price target on Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $566.33.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded down $6.17 during midday trading on Wednesday, reaching $499.13. 167,055 shares of the company were exchanged, compared to its average volume of 637,218. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. The company has a market capitalization of $64.16 billion, a price-to-earnings ratio of 23.50, a P/E/G ratio of 2.02 and a beta of 1.46. The firm’s 50-day simple moving average is $533.05 and its 200-day simple moving average is $514.85. Parker-Hannifin Co. has a 1 year low of $362.49 and a 1 year high of $570.15.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.93 EPS. On average, analysts anticipate that Parker-Hannifin Co. will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were issued a $1.63 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.31%. Parker-Hannifin’s payout ratio is 30.73%.

Insider Activity

In other news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Jay Reidy sold 572 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, 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. Corporate insiders own 1.03% of the company’s stock.

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.