Covington Investment Advisors Inc. Has $1.04 Million Position in Parker-Hannifin Co. (NYSE:PH)

Covington Investment Advisors Inc. decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,055 shares of the industrial products company’s stock after selling 26 shares during the period. Covington Investment Advisors Inc.’s holdings in Parker-Hannifin were worth $1,039,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Addison Advisors LLC bought a new position in Parker-Hannifin during the 2nd quarter worth approximately $25,000. Harbor Investment Advisory LLC grew its holdings in shares of Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after buying an additional 20 shares during the period. Northwest Investment Counselors LLC bought a new stake in shares of Parker-Hannifin in the 1st quarter valued at $31,000. Newbridge Financial Services Group Inc. acquired a new stake in Parker-Hannifin during the 4th quarter worth $30,000. Finally, Fortitude Family Office LLC lifted its holdings in Parker-Hannifin by 346.7% during the second quarter. Fortitude Family Office LLC now owns 67 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PH shares. Wells Fargo & Company increased their price target on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report 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. Truist Financial reaffirmed a “buy” rating and issued a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. TD Cowen increased their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Finally, Barclays dropped their price objective on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $624.43.

Parker-Hannifin Price Performance

NYSE:PH opened at $632.77 on Monday. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $639.87. The company has a market cap of $81.42 billion, a P/E ratio of 29.82, a P/E/G ratio of 2.54 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The stock’s 50-day simple moving average is $578.64 and its 200 day simple moving average is $551.02.

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

Parker-Hannifin Dividend Announcement

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

Insider Activity

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

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.