New York State Teachers Retirement System Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

New York State Teachers Retirement System decreased its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 5.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 112,935 shares of the industrial products company’s stock after selling 6,214 shares during the period. New York State Teachers Retirement System’s holdings in Parker-Hannifin were worth $71,830,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin during the third quarter valued at approximately $25,000. Prestige Wealth Management Group LLC boosted its position in shares of Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire purchased a new position in Parker-Hannifin in the fourth quarter worth $35,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the third quarter worth $39,000. Finally, Hager Investment Management Services LLC purchased a new position in Parker-Hannifin in the fourth quarter worth $44,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of several research analyst reports. Barclays cut their price objective on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, February 8th. Jefferies Financial Group boosted their price objective on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Mizuho boosted their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, Truist Financial boosted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $729.18.

Parker-Hannifin Trading Up 2.3 %

Shares of PH stock opened at $693.89 on Friday. The stock has a market capitalization of $89.32 billion, a PE ratio of 28.72, a P/E/G ratio of 2.84 and a beta of 1.45. Parker-Hannifin Co. has a 1-year low of $492.71 and a 1-year high of $718.44. The business has a 50-day moving average of $664.41 and a 200 day moving average of $637.78. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.67 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s payout ratio is currently 26.99%.

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.