Rhumbline Advisers Cuts Holdings in Parker-Hannifin Co. (NYSE:PH)

Rhumbline Advisers trimmed its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 241,487 shares of the industrial products company’s stock after selling 5,843 shares during the period. Rhumbline Advisers owned about 0.19% of Parker-Hannifin worth $153,593,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. West Branch Capital LLC purchased a new position in shares of Parker-Hannifin during the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC raised its stake in shares of Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares in the last quarter. Bank of New Hampshire purchased a new position in Parker-Hannifin in the 4th quarter valued at approximately $35,000. Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the 3rd quarter valued at approximately $39,000. Finally, Hager Investment Management Services LLC purchased a new position in Parker-Hannifin in the 4th quarter valued at approximately $44,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PH shares. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, February 8th. Robert W. Baird raised their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Truist Financial raised 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. KeyCorp raised their price target on Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, UBS Group dropped their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $729.18.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $700.13 on Friday. Parker-Hannifin Co. has a twelve month low of $492.71 and a twelve month high of $718.44. The stock has a market capitalization of $90.12 billion, a P/E ratio of 28.98, a PEG ratio of 2.84 and a beta of 1.45. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The business’s fifty day moving average price is $664.47 and its 200 day moving average price is $639.22.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating 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, research analysts anticipate that Parker-Hannifin Co. will post 26.67 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend 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.