Rhumbline Advisers Sells 10,033 Shares of Parker-Hannifin Co. (NYSE:PH)

Rhumbline Advisers lessened its stake in Parker-Hannifin Co. (NYSE:PH) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 257,742 shares of the industrial products company’s stock after selling 10,033 shares during the period. Rhumbline Advisers’ holdings in Parker-Hannifin were worth $130,368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Gilbert & Cook Inc. raised its position in Parker-Hannifin by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock valued at $475,000 after purchasing an additional 49 shares during the last quarter. Merit Financial Group LLC raised its position in Parker-Hannifin by 28.0% during the 4th quarter. Merit Financial Group LLC now owns 1,220 shares of the industrial products company’s stock valued at $562,000 after purchasing an additional 267 shares during the last quarter. Axxcess Wealth Management LLC raised its position in Parker-Hannifin by 45.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 1,429 shares of the industrial products company’s stock valued at $658,000 after purchasing an additional 445 shares during the last quarter. Summit Trail Advisors LLC raised its position in Parker-Hannifin by 31.8% during the 4th quarter. Summit Trail Advisors LLC now owns 1,667 shares of the industrial products company’s stock valued at $768,000 after purchasing an additional 402 shares during the last quarter. Finally, Maryland State Retirement & Pension System raised its position in Parker-Hannifin by 1.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 9,945 shares of the industrial products company’s stock valued at $4,582,000 after purchasing an additional 186 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Truist Financial reaffirmed a “buy” rating and set a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Robert W. Baird upped their target price on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and upped their target price for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Raymond James assumed coverage on Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 target price on the stock. Finally, Evercore ISI upped their target price on Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.14.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $575.36 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $73.96 billion, a P/E ratio of 27.11, a PEG ratio of 2.44 and a beta of 1.44. The stock’s 50 day moving average is $550.26 and its 200 day moving average is $542.09. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $601.30.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $6.08 EPS. On average, equities research analysts predict that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 28th will be given a $1.63 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a yield of 1.13%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 30.73%.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

About Parker-Hannifin

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.