6,717 Parker-Hannifin Corporation $PH Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lessened its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 4.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 146,145 shares of the industrial products company’s stock after selling 6,717 shares during the period. Parker-Hannifin accounts for 0.9% of Congress Asset Management Co.’s holdings, making the stock its 24th biggest holding. Congress Asset Management Co. owned about 0.12% of Parker-Hannifin worth $139,629,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Polaris Financial Partners acquired a new position in Parker-Hannifin during the 3rd quarter worth about $26,000. Archer Investment Corp acquired a new stake in shares of Parker-Hannifin in the second quarter valued at about $28,000. NFSG Corp increased its stake in shares of Parker-Hannifin by 94.4% in the first quarter. NFSG Corp now owns 35 shares of the industrial products company’s stock valued at $31,000 after buying an additional 17 shares during the period. Bell Investment Advisors Inc bought a new position in shares of Parker-Hannifin during the second quarter worth about $35,000. Finally, Brown Lisle Cummings Inc. raised its position in shares of Parker-Hannifin by 76.0% during the first quarter. Brown Lisle Cummings Inc. now owns 44 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 19 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the topic of several analyst reports. UBS Group upped their target price on Parker-Hannifin from $1,092.00 to $1,250.00 and gave the company a “buy” rating in a report on Friday, August 7th. Wells Fargo & Company began coverage on shares of Parker-Hannifin in a report on Thursday, September 24th. They set an “equal weight” rating and a $1,050.00 price target for the company. Truist Financial boosted their price target on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Citigroup upped their price objective on shares of Parker-Hannifin from $1,141.00 to $1,232.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Stifel Nicolaus set a $1,075.00 price objective on shares of Parker-Hannifin in a research report on Friday, August 7th. Sixteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,119.55.

Parker-Hannifin Trading Up 1.0%

Shares of PH stock traded up $9.48 during trading hours on Tuesday, hitting $985.16. 376,650 shares of the company were exchanged, compared to its average volume of 692,705. The firm has a market cap of $124.24 billion, a P/E ratio of 34.58, a P/E/G ratio of 2.98 and a beta of 1.12. Parker-Hannifin Corporation has a fifty-two week low of $715.37 and a fifty-two week high of $1,099.94. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26. The company has a 50 day simple moving average of $987.74 and a two-hundred day simple moving average of $946.86.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.31 by $0.96. The company had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. Parker-Hannifin’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $7.69 EPS. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Equities analysts anticipate that Parker-Hannifin Corporation will post 35.02 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 31st were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, August 31st. Parker-Hannifin’s dividend payout ratio is 28.08%.

Insider Activity at Parker-Hannifin

In other news, VP Berend Bracht sold 602 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the completion of the sale, the vice president directly owned 4,399 shares in the company, valued at $4,577,027.53. This trade represents a 12.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.35% of the stock is currently owned by corporate insiders.

About Parker-Hannifin

Parker-Hannifin Corporation is a diversified manufacturer of motion and control technologies. The company develops and produces components and systems that manage the movement and control of liquids, gases and mechanical force across industrial, mobile and aerospace applications.

Its product portfolio includes hydraulic and pneumatic systems, electromechanical technologies, filtration and fluid-management equipment, seals and shielding products, connectors, pumps, valves, sensors, thermal-management solutions and related engineered systems.