Retirement Systems of Alabama Has $52.39 Million Stake in Parker-Hannifin Co. (NYSE:PH)

Retirement Systems of Alabama reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 12.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 82,911 shares of the industrial products company’s stock after selling 11,389 shares during the quarter. Retirement Systems of Alabama’s holdings in Parker-Hannifin were worth $52,385,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Addison Advisors LLC bought a new stake in shares of Parker-Hannifin in the second quarter valued at approximately $25,000. West Branch Capital LLC acquired a new position in Parker-Hannifin during the 3rd quarter valued at $25,000. Bangor Savings Bank boosted its holdings in Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares during the period. Prestige Wealth Management Group LLC grew its position in Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 25 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Parker-Hannifin during the 3rd quarter worth about $39,000. 82.44% of the stock is currently owned by institutional investors.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. This trade represents a 30.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Joseph R. Leonti sold 5,877 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the completion of the transaction, the vice president now directly owns 15,350 shares in the company, valued at approximately $9,686,464. This represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,077 shares of company stock worth $12,303,829. Company insiders own 0.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PH shares. Evercore ISI lifted their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a research report on Thursday. TD Cowen raised their target price on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Robert W. Baird boosted their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Raymond James lifted their target price on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating and sixteen 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 target price of $709.65.

Parker-Hannifin Stock Down 0.2 %

Shares of NYSE:PH traded down $1.48 during midday trading on Friday, reaching $681.09. The company had a trading volume of 22,866 shares, compared to its average volume of 632,218. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average price is $667.79 and its 200 day moving average price is $594.73. The stock has a market cap of $87.67 billion, a PE ratio of 30.83, a P/E/G ratio of 2.77 and a beta of 1.43. Parker-Hannifin Co. has a 1-year low of $440.00 and a 1-year high of $712.42.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. The firm had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $5.96 earnings per share. Research analysts forecast that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Friday, November 8th. Parker-Hannifin’s payout ratio is presently 29.45%.

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.