Pitcairn Co. Sells 1,100 Shares of Parker-Hannifin Corporation $PH

Pitcairn Co. cut its position in Parker-Hannifin Corporation (NYSE:PH) by 28.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,768 shares of the industrial products company’s stock after selling 1,100 shares during the period. Pitcairn Co.’s holdings in Parker-Hannifin were worth $2,099,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PH. Perennial Investment Advisors LLC boosted its holdings in shares of Parker-Hannifin by 12.1% in the 3rd quarter. Perennial Investment Advisors LLC now owns 389 shares of the industrial products company’s stock worth $295,000 after acquiring an additional 42 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in Parker-Hannifin by 6.2% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 9,983 shares of the industrial products company’s stock valued at $7,569,000 after purchasing an additional 587 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in Parker-Hannifin by 7.3% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 5,490 shares of the industrial products company’s stock valued at $4,162,000 after purchasing an additional 375 shares during the last quarter. Integrated Quantitative Investments LLC acquired a new position in Parker-Hannifin in the third quarter worth $1,080,000. Finally, KCM Investment Advisors LLC grew its holdings in shares of Parker-Hannifin by 8.7% during the third quarter. KCM Investment Advisors LLC now owns 2,913 shares of the industrial products company’s stock worth $2,208,000 after purchasing an additional 234 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Matthew A. Jacobson sold 564 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the transaction, the vice president owned 1,000 shares of the company’s stock, valued at approximately $949,940. This represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Berend Bracht sold 1,457 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $946.48, for a total value of $1,379,021.36. Following the transaction, the vice president owned 2,580 shares in the company, valued at approximately $2,441,918.40. This trade represents a 36.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,551 shares of company stock valued at $12,117,502 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Parker-Hannifin Stock Down 2.3%

Shares of NYSE:PH opened at $964.62 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. The stock has a market cap of $121.75 billion, a price-to-earnings ratio of 35.18, a P/E/G ratio of 3.18 and a beta of 1.23. The company has a 50 day moving average of $955.32 and a 200-day moving average of $850.62. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $1,034.96.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. The firm had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period last year, the firm earned $6.53 earnings per share. On average, sell-side analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 6th will be paid a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. Parker-Hannifin’s payout ratio is 26.26%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial set a $1,139.00 target price on Parker-Hannifin in a research note on Friday, January 30th. The Goldman Sachs Group reissued a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. BNP Paribas Exane began coverage on shares of Parker-Hannifin in a research note on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 target price for the company. KeyCorp reiterated an “overweight” rating and set a $1,100.00 target price on shares of Parker-Hannifin in a research report on Friday, January 30th. Finally, Morgan Stanley increased their price target on shares of Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 24th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $995.37.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.