APG Asset Management N.V. Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

APG Asset Management N.V. lessened its position in Parker-Hannifin Co. (NYSE:PH) by 7.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,284 shares of the industrial products company’s stock after selling 17,805 shares during the quarter. APG Asset Management N.V.’s holdings in Parker-Hannifin were worth $111,042,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PH. Addison Advisors LLC purchased a new position in Parker-Hannifin in the 2nd quarter valued at $25,000. Harbor Investment Advisory LLC boosted its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Parker-Hannifin during the 4th quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new stake in Parker-Hannifin in the 1st quarter valued at about $31,000. Finally, Fortitude Family Office LLC raised its holdings in Parker-Hannifin by 346.7% in the 2nd quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the subject of a number of analyst reports. Truist Financial restated a “buy” rating and issued a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research 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. Deutsche Bank Aktiengesellschaft lifted their price target on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, Evercore ISI lifted their target price on shares of Parker-Hannifin from $620.00 to $656.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $624.43.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s 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 completion of the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Berend Bracht sold 850 shares of the business’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 transaction of $503,982.00. Following the transaction, the vice president now 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 owned by company insiders.

Parker-Hannifin Stock Up 2.3 %

Shares of NYSE PH opened at $635.94 on Friday. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $639.87. The business’s 50 day moving average is $575.12 and its two-hundred day moving average is $549.58. The firm has a market cap of $81.74 billion, a price-to-earnings ratio of 29.97, a PEG ratio of 2.51 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The company had revenue of $5.19 billion during 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%. Parker-Hannifin’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the business posted $6.08 EPS. Research analysts predict that Parker-Hannifin Co. will post 26.63 EPS for the current year.

Parker-Hannifin Announces Dividend

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

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.