Arizona State Retirement System Has $18.83 Million Position in Parker-Hannifin Co. (NYSE:PH)

Arizona State Retirement System grew its stake in Parker-Hannifin Co. (NYSE:PH) by 1.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,227 shares of the industrial products company’s stock after purchasing an additional 359 shares during the quarter. Arizona State Retirement System’s holdings in Parker-Hannifin were worth $18,830,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Gilbert & Cook Inc. boosted its holdings in shares of Parker-Hannifin by 5.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock worth $475,000 after acquiring an additional 49 shares during the period. Wealthspire Advisors LLC boosted its stake in Parker-Hannifin by 6.3% in the 4th quarter. Wealthspire Advisors LLC now owns 1,227 shares of the industrial products company’s stock valued at $565,000 after purchasing an additional 73 shares during the period. Principal Securities Inc. bought a new position in Parker-Hannifin during the 4th quarter worth $1,280,000. BNP Paribas Financial Markets lifted its holdings in shares of Parker-Hannifin by 4.4% during the fourth quarter. BNP Paribas Financial Markets now owns 46,758 shares of the industrial products company’s stock worth $21,541,000 after buying an additional 1,984 shares in the last quarter. Finally, Buckingham Capital Management Inc. lifted its holdings in shares of Parker-Hannifin by 17.8% during the fourth quarter. Buckingham Capital Management Inc. now owns 4,067 shares of the industrial products company’s stock worth $1,874,000 after buying an additional 614 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Insiders Place Their Bets

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 transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 value of $1,032,617.23. Following the completion of the sale, 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. Insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Raymond James raised their price target on shares of Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $673.00 price target (up from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Wells Fargo & Company lifted their price objective on Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, Bank of America upped their target price on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $623.00.

Parker-Hannifin Stock Down 0.6 %

Shares of NYSE PH opened at $571.64 on Friday. The stock has a 50-day moving average price of $554.47 and a two-hundred day moving average price of $542.92. Parker-Hannifin Co. has a 12 month low of $362.49 and a 12 month high of $601.30. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. 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 (NYSE:PH) last issued 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. The business had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.08 EPS. As a group, analysts forecast that Parker-Hannifin Co. will post 26.61 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company 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 dividend of $1.63 per share. The ex-dividend date of this dividend is Wednesday, August 28th. This represents a $6.52 dividend on an annualized basis and a yield of 1.14%. Parker-Hannifin’s dividend payout ratio is currently 30.73%.

Parker-Hannifin Company 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.