TIAA Trust National Association Sells 395 Shares of Parker-Hannifin Co. (NYSE:PH)

TIAA Trust National Association trimmed its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 7.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 4,784 shares of the industrial products company’s stock after selling 395 shares during the period. TIAA Trust National Association’s holdings in Parker-Hannifin were worth $2,659,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Parker-Hannifin by 1.0% during the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock worth $5,872,694,000 after acquiring an additional 105,475 shares in the last quarter. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $665,188,000. Alphinity Investment Management Pty Ltd lifted its holdings in Parker-Hannifin by 42.2% during the 4th quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after purchasing an additional 336,370 shares during the last quarter. Baird Financial Group Inc. increased its holdings in shares of Parker-Hannifin by 3.7% during the fourth quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after buying an additional 25,060 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Parker-Hannifin by 11.8% in the fourth quarter. Wells Fargo & Company MN now owns 630,306 shares of the industrial products company’s stock valued at $290,382,000 after acquiring an additional 66,331 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PH shares. Bank of America raised their price target on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, May 17th. Argus upped their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. KeyCorp raised their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Truist Financial upped their target price on shares of Parker-Hannifin from $611.00 to $621.00 and gave the stock a “buy” rating in a research report on Tuesday, July 2nd. Finally, Barclays lowered their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $576.27.

Parker-Hannifin Trading Up 1.1 %

Parker-Hannifin stock traded up $5.91 during midday trading on Monday, hitting $550.56. 187,388 shares of the stock were exchanged, compared to its average volume of 654,445. Parker-Hannifin Co. has a 52 week low of $362.49 and a 52 week high of $570.15. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $70.77 billion, a PE ratio of 25.67, a P/E/G ratio of 2.08 and a beta of 1.44. The company has a fifty day simple moving average of $524.78 and a two-hundred day simple moving average of $523.61.

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

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is presently 30.73%.

Parker-Hannifin 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.