Norden Group LLC Cuts Holdings in Parker-Hannifin Co. (NYSE:PH)

Norden Group LLC cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 2.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,015 shares of the industrial products company’s stock after selling 27 shares during the quarter. Norden Group LLC’s holdings in Parker-Hannifin were worth $645,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PH. Proficio Capital Partners LLC boosted its stake in Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after acquiring an additional 1,139,265 shares during the last quarter. State Street Corp boosted its stake in Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after acquiring an additional 753,143 shares during the last quarter. Wellington Management Group LLP boosted its stake in Parker-Hannifin by 39.9% in the third quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock valued at $1,249,645,000 after acquiring an additional 564,365 shares during the last quarter. World Investment Advisors LLC purchased a new position in Parker-Hannifin in the third quarter valued at about $226,570,000. Finally, Mizuho Securities USA LLC boosted its stake in Parker-Hannifin by 3,566.4% in the third quarter. Mizuho Securities USA LLC now owns 363,302 shares of the industrial products company’s stock valued at $229,541,000 after acquiring an additional 353,393 shares during the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $648.96 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 1-year low of $492.71 and a 1-year high of $718.44. The firm has a market capitalization of $83.53 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 2.85 and a beta of 1.45. The firm’s 50 day simple moving average is $666.26 and its 200 day simple moving average is $650.05.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be paid a $1.63 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.00%. Parker-Hannifin’s dividend payout ratio is presently 26.99%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial boosted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, February 8th. UBS Group lowered their price target on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Citigroup started coverage on shares of Parker-Hannifin in a research report on Friday, February 7th. They issued a “buy” rating and a $795.00 price target on the stock. Finally, TD Cowen boosted their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $739.06.

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.