AMF Tjanstepension AB Has $294.98 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

AMF Tjanstepension AB reduced its stake in Parker-Hannifin Co. (NYSE:PH) by 29.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 463,709 shares of the industrial products company’s stock after selling 195,696 shares during the quarter. Parker-Hannifin comprises approximately 2.1% of AMF Tjanstepension AB’s holdings, making the stock its 10th largest position. AMF Tjanstepension AB’s holdings in Parker-Hannifin were worth $294,978,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its stake in Parker-Hannifin by 11.4% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 3,015 shares of the industrial products company’s stock valued at $1,905,000 after purchasing an additional 308 shares during the last quarter. Forte Capital LLC ADV bought a new stake in Parker-Hannifin during the third quarter valued at approximately $241,000. Graypoint LLC increased its stake in shares of Parker-Hannifin by 2.4% in the 3rd quarter. Graypoint LLC now owns 1,218 shares of the industrial products company’s stock worth $769,000 after purchasing an additional 29 shares in the last quarter. Portside Wealth Group LLC lifted its position in shares of Parker-Hannifin by 4.0% during the 3rd quarter. Portside Wealth Group LLC now owns 599 shares of the industrial products company’s stock valued at $378,000 after buying an additional 23 shares in the last quarter. Finally, Granite Group Advisors LLC purchased a new stake in shares of Parker-Hannifin in the third quarter worth $206,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Truist Financial upped their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Wolfe Research raised shares of Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a report on Thursday, December 12th. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a report on Friday, January 31st. Citigroup initiated coverage on shares of Parker-Hannifin in a research note on Friday, February 7th. They set a “buy” rating and a $795.00 target price for the company. Finally, StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, February 8th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $739.06.

Parker-Hannifin Stock Up 0.7 %

NYSE PH opened at $635.57 on Friday. Parker-Hannifin Co. has a 52 week low of $492.71 and a 52 week high of $718.44. The firm has a market capitalization of $81.81 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 2.85 and a beta of 1.45. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average of $664.88 and a two-hundred day moving average of $650.47.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. On average, analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were paid a $1.63 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.03%. Parker-Hannifin’s payout ratio is 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.