Legal & General Group Plc Raises Holdings in Parker-Hannifin Corporation $PH

Legal & General Group Plc increased its position in Parker-Hannifin Corporation (NYSE:PH) by 4.9% in the 3rd quarter, Holdings Channel reports. The firm owned 753,118 shares of the industrial products company’s stock after buying an additional 35,239 shares during the period. Legal & General Group Plc’s holdings in Parker-Hannifin were worth $570,976,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PH. Procyon Advisors LLC increased its holdings in shares of Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares during the last quarter. Norges Bank bought a new stake in Parker-Hannifin in the 2nd quarter valued at about $1,352,509,000. Canada Pension Plan Investment Board boosted its position in shares of Parker-Hannifin by 115.7% during the second quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock worth $256,970,000 after buying an additional 197,317 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in Parker-Hannifin by 9.1% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock worth $1,145,199,000 after acquiring an additional 136,359 shares during the period. Finally, Lazard Freres Gestion S.A.S. bought a new position in Parker-Hannifin in the 3rd quarter valued at about $103,284,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Buying and Selling

In other Parker-Hannifin news, CFO Todd M. Leombruno sold 2,062 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the sale, the chief financial officer owned 20,610 shares of the company’s stock, valued at $20,658,227.40. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the sale, the vice president owned 1,000 shares of the company’s stock, valued at approximately $949,940. The trade was a 36.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 12,551 shares of company stock valued at $12,117,502. 0.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a report on Friday, January 30th. Stifel Nicolaus upped their price target on Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Wells Fargo & Company raised their price target on shares of Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Citigroup upped their price objective on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, Robert W. Baird set a $1,050.00 target price on shares of Parker-Hannifin in a research report on Friday, January 30th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus target price of $995.37.

Parker-Hannifin Stock Up 1.9%

Shares of Parker-Hannifin stock opened at $949.78 on Wednesday. The firm has a market cap of $119.88 billion, a price-to-earnings ratio of 34.64, a P/E/G ratio of 3.00 and a beta of 1.23. The stock has a 50-day simple moving average of $958.04 and a 200-day simple moving average of $856.23. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,034.96. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66.

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

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin’s payout ratio is presently 26.26%.

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.