AlTi Global Inc. Lowers Holdings in Parker-Hannifin Co. (NYSE:PH)

AlTi Global Inc. lessened its position in Parker-Hannifin Co. (NYSE:PH) by 4.4% in the 2nd quarter, Holdings Channel reports. The fund owned 798 shares of the industrial products company’s stock after selling 37 shares during the period. AlTi Global Inc.’s holdings in Parker-Hannifin were worth $404,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Parker-Hannifin by 475.5% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,836 shares of the industrial products company’s stock valued at $929,000 after buying an additional 1,517 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Parker-Hannifin by 22.1% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 85,693 shares of the industrial products company’s stock worth $43,344,000 after purchasing an additional 15,506 shares in the last quarter. Distillate Capital Partners LLC acquired a new position in shares of Parker-Hannifin during the 2nd quarter worth $18,260,000. Marshall Wace LLP purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at about $23,600,000. Finally, Davidson Kempner Capital Management LP acquired a new stake in shares of Parker-Hannifin in the second quarter valued at about $17,703,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $635.94 on Friday. The stock has a market capitalization of $81.74 billion, a P/E ratio of 29.97, a P/E/G ratio of 2.51 and a beta of 1.43. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $639.87. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The firm’s 50-day moving average is $575.12 and its two-hundred day moving average is $549.58.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $6.08 earnings per share. Equities analysts predict that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PH shares. StockNews.com cut shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Tuesday. Truist Financial reaffirmed a “buy” rating and set a $673.00 price objective (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. TD Cowen upped their target price on Parker-Hannifin from $500.00 to $520.00 and gave the company a “hold” rating in a report on Wednesday, September 11th. Barclays cut their price target on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Finally, Raymond James increased their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average price target of $624.43.

Insider Buying and Selling

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