State Street Corp Increases Stock Position in Parker-Hannifin Corporation $PH

by · The Markets Daily

State Street Corp lifted its holdings in shares of Parker-Hannifin Corporation (NYSE:PH – Free Report) by 0.5% in the second quarter, HoldingsChannel reports. The firm owned 9,385,389 shares of the industrial products company’s stock after acquiring an additional 42,548 shares during the period. State Street Corp owned approximately 0.07% of Parker-Hannifin worth $9,180,037,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of PH. BlackRock Inc. acquired a new stake in Parker-Hannifin during the 2nd quarter valued at $10,163,362,000. Bank of America Corp DE purchased a new stake in shares of Parker-Hannifin in the second quarter valued at $3,273,507,000. Capital World Investors increased its position in Parker-Hannifin by 0.6% during the 4th quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company’s stock worth $2,286,038,000 after purchasing an additional 16,703 shares in the last quarter. Norges Bank acquired a new position in Parker-Hannifin in the 4th quarter valued at about $1,756,230,000. Finally, Nuveen LLC lifted its holdings in Parker-Hannifin by 7.4% in the 4th quarter. Nuveen LLC now owns 1,367,683 shares of the industrial products company’s stock valued at $1,202,139,000 after purchasing an additional 94,343 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PH. BMO Capital Markets reissued an “outperform” rating and issued a $1,214.00 price objective on shares of Parker-Hannifin in a research report on Friday, August 7th. Wells Fargo & Company decreased their target price on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 26th. Stifel Nicolaus set a $1,075.00 target price on shares of Parker-Hannifin in a research note on Friday, August 7th. UBS Group boosted their price target on Parker-Hannifin from $1,092.00 to $1,250.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, KeyCorp increased their price target on Parker-Hannifin from $1,100.00 to $1,210.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $1,114.55.

View Our Latest Stock Analysis on PH

Insiders Place Their Bets

In related news, VP Berend Bracht sold 602 shares of Parker-Hannifin stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the transaction, the vice president owned 4,399 shares in the company, valued at approximately $4,577,027.53. This trade represents a 12.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.32% of the company’s stock.

Parker-Hannifin Trading Up 0.3%

Shares of PH traded up $2.59 during mid-day trading on Tuesday, hitting $960.76. The company had a trading volume of 130,019 shares, compared to its average volume of 701,247. Parker-Hannifin Corporation has a 1-year low of $715.37 and a 1-year high of $1,099.94. The business’s 50-day simple moving average is $987.03 and its 200-day simple moving average is $943.84. The stock has a market cap of $121.10 billion, a PE ratio of 33.72, a P/E/G ratio of 2.94 and a beta of 1.13. The company has a quick ratio of 0.74, a current ratio of 1.26 and a debt-to-equity ratio of 0.44.

Parker-Hannifin (NYSE:PH – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, topping the consensus estimate of $8.31 by $0.96. The firm had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. Parker-Hannifin’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Sell-side analysts forecast that Parker-Hannifin Corporation will post 34.95 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Monday, August 31st were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, August 31st. Parker-Hannifin’s dividend payout ratio (DPR) is 28.08%.

Parker-Hannifin Company Profile

(Free Report)

Parker-Hannifin Corporation (NYSE:PH) is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.

Featured Articles

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Corporation (NYSE:PH – Free Report).