Parker-Hannifin Co. (NYSE:PH) Position Trimmed by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 2.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,422 shares of the industrial products company’s stock after selling 405 shares during the period. Atlantic Union Bankshares Corp’s holdings in Parker-Hannifin were worth $8,016,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Operose Advisors LLC acquired a new position in shares of Parker-Hannifin during the third quarter valued at $57,000. O Shaughnessy Asset Management LLC boosted its holdings in shares of Parker-Hannifin by 51.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 7,085 shares of the industrial products company’s stock valued at $2,760,000 after acquiring an additional 2,393 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of Parker-Hannifin by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 57,956 shares of the industrial products company’s stock valued at $22,575,000 after acquiring an additional 292 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Parker-Hannifin by 114.4% during the third quarter. Tower Research Capital LLC TRC now owns 7,318 shares of the industrial products company’s stock valued at $2,851,000 after acquiring an additional 3,904 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of Parker-Hannifin during the third quarter valued at $286,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded up $2.15 during trading hours on Friday, reaching $506.37. 2,809,368 shares of the company were exchanged, compared to its average volume of 657,251. The firm has a market cap of $65.09 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 2.01 and a beta of 1.46. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average of $531.05 and a 200 day moving average of $515.17. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $570.15.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The firm 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 company’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.93 earnings per share. As a group, research analysts anticipate that Parker-Hannifin Co. will post 24.84 earnings per share for the current 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 given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 1.29%. 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. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Insider Activity

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

Analysts Set New Price Targets

PH has been the subject of several research analyst reports. Argus upped their price objective on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a report on Monday, May 6th. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Truist Financial reaffirmed a “buy” rating and issued a $611.00 price objective on shares of Parker-Hannifin in a report on Wednesday, May 15th. Barclays reduced their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Finally, Stifel Nicolaus boosted their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $569.06.

Parker-Hannifin 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.