Kornitzer Capital Management Inc. KS Has $2.13 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

Kornitzer Capital Management Inc. KS raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 4.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,207 shares of the industrial products company’s stock after purchasing an additional 191 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Parker-Hannifin were worth $2,128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PH. SouthState Corp raised its position in shares of Parker-Hannifin by 8.7% in the 2nd quarter. SouthState Corp now owns 29,325 shares of the industrial products company’s stock valued at $14,833,000 after acquiring an additional 2,341 shares during the period. TD Asset Management Inc raised its position in shares of Parker-Hannifin by 9.6% in the 2nd quarter. TD Asset Management Inc now owns 144,973 shares of the industrial products company’s stock valued at $73,329,000 after acquiring an additional 12,742 shares during the period. FineMark National Bank & Trust raised its position in shares of Parker-Hannifin by 5.6% in the 2nd quarter. FineMark National Bank & Trust now owns 456 shares of the industrial products company’s stock valued at $231,000 after acquiring an additional 24 shares during the period. Mattern Capital Management LLC raised its position in shares of Parker-Hannifin by 8.3% in the 2nd quarter. Mattern Capital Management LLC now owns 11,975 shares of the industrial products company’s stock valued at $6,057,000 after acquiring an additional 921 shares during the period. Finally, Stablepoint Partners LLC raised its position in shares of Parker-Hannifin by 11.5% in the 2nd quarter. Stablepoint Partners LLC now owns 3,205 shares of the industrial products company’s stock valued at $1,758,000 after acquiring an additional 330 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the sale, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Parker-Hannifin Price Performance

Shares of PH opened at $571.64 on Friday. The company has a market cap of $73.51 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.44 and a beta of 1.43. Parker-Hannifin Co. has a 1-year low of $362.49 and a 1-year high of $601.30. The company’s fifty day simple moving average is $554.47 and its 200 day simple moving average is $542.92. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59.

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

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.14%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company increased their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, August 9th. Truist Financial reissued a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their target price on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $550.00 to $650.00 in a research note on Tuesday, May 28th. Finally, Raymond James increased their target price on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $623.00.

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.