Parker-Hannifin Co. (NYSE:PH) Shares Sold by Chevy Chase Trust Holdings LLC

03 Dec 2024, 12:39 by Michael Walen · The Markets Daily

Chevy Chase Trust Holdings LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH – Free Report) by 1.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 69,169 shares of the industrial products company’s stock after selling 1,252 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Parker-Hannifin worth $43,702,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PH. Wilkinson Global Asset Management LLC grew its holdings in Parker-Hannifin by 59.1% in the third quarter. Wilkinson Global Asset Management LLC now owns 39,093 shares of the industrial products company’s stock valued at $24,700,000 after purchasing an additional 14,526 shares during the period. Banco Santander S.A. increased its holdings in Parker-Hannifin by 11.9% in the 3rd quarter. Banco Santander S.A. now owns 14,478 shares of the industrial products company’s stock worth $9,147,000 after acquiring an additional 1,544 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Parker-Hannifin by 88.4% in the 3rd quarter. Ritholtz Wealth Management now owns 1,473 shares of the industrial products company’s stock worth $931,000 after acquiring an additional 691 shares in the last quarter. Deltec Asset Management LLC acquired a new position in Parker-Hannifin during the second quarter worth $506,000. Finally, FMR LLC grew its position in shares of Parker-Hannifin by 7.1% in the third quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock valued at $2,600,733,000 after purchasing an additional 272,531 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.3 %

Shares of NYSE PH opened at $700.98 on Tuesday. The company has a market capitalization of $90.23 billion, a P/E ratio of 31.66, a P/E/G ratio of 2.84 and a beta of 1.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. The company has a 50 day simple moving average of $658.01 and a 200-day simple moving average of $587.06. Parker-Hannifin Co. has a 1 year low of $431.98 and a 1 year high of $712.42.

Parker-Hannifin (NYSE:PH – Get Free Report) last posted its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter last year, the firm earned $5.96 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts predict that Parker-Hannifin Co. will post 26.77 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be given a $1.63 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a yield of 0.93%. Parker-Hannifin’s payout ratio is currently 29.45%.

Insiders Place Their Bets

In related news, CEO Jennifer A. Parmentier sold 4,906 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $704.69, for a total value of $3,457,209.14. Following the sale, the chief executive officer now owns 33,607 shares in the company, valued at approximately $23,682,516.83. The trade was a 12.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total value of $3,708,622.08. Following the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at $9,686,464. This trade represents a 27.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,077 shares of company stock valued at $12,303,829 over the last 90 days. 0.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PH shares. Evercore ISI raised their price target on shares of Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Truist Financial boosted their price target on Parker-Hannifin from $673.00 to $788.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. 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 report on Friday, November 1st. Finally, Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $691.40.

Read Our Latest Research Report on PH

Parker-Hannifin Profile

(Free Report)

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.