Parker-Hannifin Co. (NYSE:PH) Position Cut by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. trimmed its stake in Parker-Hannifin Co. (NYSE:PH) by 0.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 10,466 shares of the industrial products company’s stock after selling 59 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Parker-Hannifin were worth $4,822,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. OFI Invest Asset Management acquired a new stake in Parker-Hannifin in the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in Parker-Hannifin during the 4th quarter worth about $26,000. Baystate Wealth Management LLC raised its holdings in Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after buying an additional 49 shares during the period. Oakworth Capital Inc. raised its holdings in Parker-Hannifin by 48.3% during the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock worth $33,000 after buying an additional 28 shares during the period. Finally, ORG Partners LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth about $42,000. 82.44% of the stock is currently owned by institutional investors.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,079 shares of company stock worth $6,099,566. 1.03% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $300.00 to $500.00 in a report on Friday, March 1st. KeyCorp upped their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Truist Financial assumed coverage on Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 price objective on the stock. Evercore ISI increased their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $551.00 price objective on shares of Parker-Hannifin in a report on Tuesday, January 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Parker-Hannifin Stock Up 0.7 %

PH opened at $553.48 on Friday. Parker-Hannifin Co. has a 1-year low of $312.36 and a 1-year high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $71.07 billion, a price-to-earnings ratio of 27.40, a P/E/G ratio of 2.01 and a beta of 1.52. The business has a 50 day moving average of $543.27 and a 200-day moving average of $477.71.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.26 by $0.89. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. Parker-Hannifin’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $4.76 earnings per share. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 29.31%.

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.