Parker-Hannifin Co. (NYSE:PH) Shares Sold by abrdn plc

abrdn plc cut its stake in Parker-Hannifin Co. (NYSE:PH) by 7.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,328 shares of the industrial products company’s stock after selling 3,854 shares during the period. abrdn plc’s holdings in Parker-Hannifin were worth $29,464,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. West Branch Capital LLC purchased a new position in Parker-Hannifin in the third quarter valued at approximately $25,000. Bangor Savings Bank raised its holdings in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after buying an additional 31 shares during the period. Prestige Wealth Management Group LLC raised its holdings in Parker-Hannifin by 83.3% in the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after buying an additional 25 shares during the period. Bank of New Hampshire purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $35,000. Finally, Northwest Investment Counselors LLC purchased a new position in Parker-Hannifin in the third quarter valued at approximately $39,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of PH opened at $688.68 on Thursday. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44. The company has a market cap of $88.65 billion, a price-to-earnings ratio of 28.50, a price-to-earnings-growth ratio of 2.90 and a beta of 1.45. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The firm has a fifty day moving average of $666.34 and a 200-day moving average of $632.61.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, equities analysts anticipate that Parker-Hannifin Co. will post 26.67 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. TD Cowen lifted their price objective on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Truist Financial lifted their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Robert W. Baird lifted their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, KeyCorp lifted their price target on shares of Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $725.06.

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.