Allspring Global Investments Holdings LLC Lowers Position in Parker-Hannifin Co. (NYSE:PH)

Allspring Global Investments Holdings LLC cut its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 16.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 60,021 shares of the industrial products company’s stock after selling 11,696 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Parker-Hannifin were worth $33,359,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Harbor Investment Advisory LLC increased its position in shares of Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 20 shares during the last quarter. Sachetta LLC bought a new position in Parker-Hannifin in the 4th quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Parker-Hannifin during the 1st quarter valued at $31,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Parker-Hannifin during the 4th quarter worth $26,000. Finally, First United Bank & Trust purchased a new position in shares of Parker-Hannifin in the 4th quarter worth about $29,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Up 0.5 %

Shares of NYSE:PH opened at $512.72 on Friday. The firm has a fifty day moving average price of $528.79 and a two-hundred day moving average price of $516.89. The company has a market cap of $65.91 billion, a price-to-earnings ratio of 24.16, a PEG ratio of 1.99 and a beta of 1.44. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $570.15.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company posted $5.93 EPS. Analysts anticipate that Parker-Hannifin Co. will post 24.85 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.27%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PH has been the topic of a number of research analyst reports. Truist Financial boosted their target price on shares of Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a research note on Tuesday. Raymond James assumed coverage on Parker-Hannifin in a research note on Friday, June 28th. They issued an “outperform” rating and a $610.00 price objective on the stock. Mizuho raised Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their price objective for the company from $550.00 to $650.00 in a report on Tuesday, May 28th. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Finally, Argus increased their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a report on Monday, May 6th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $569.69.

Parker-Hannifin Company Profile

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.