Parker-Hannifin Co. (NYSE:PH) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp reduced its position in shares of Parker-Hannifin Co. (NYSE:PH) by 20.0% during the second quarter, HoldingsChannel reports. The firm owned 21,236 shares of the industrial products company’s stock after selling 5,310 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Parker-Hannifin were worth $10,741,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Choreo LLC raised its holdings in Parker-Hannifin by 398.7% in the second quarter. Choreo LLC now owns 6,009 shares of the industrial products company’s stock valued at $3,012,000 after acquiring an additional 4,804 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in Parker-Hannifin in the second quarter valued at $2,259,000. HCR Wealth Advisors acquired a new stake in Parker-Hannifin in the second quarter valued at $314,000. Oak Thistle LLC raised its holdings in Parker-Hannifin by 44.7% in the second quarter. Oak Thistle LLC now owns 919 shares of the industrial products company’s stock valued at $465,000 after acquiring an additional 284 shares in the last quarter. Finally, Wilkinson Global Asset Management LLC raised its holdings in Parker-Hannifin by 496.3% in the second quarter. Wilkinson Global Asset Management LLC now owns 24,567 shares of the industrial products company’s stock valued at $12,426,000 after acquiring an additional 20,447 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Up 1.6 %

Parker-Hannifin stock opened at $580.23 on Tuesday. The company has a 50-day simple moving average of $556.06 and a 200-day simple moving average of $543.57. The firm has a market capitalization of $74.62 billion, a P/E ratio of 27.34, a P/E/G ratio of 2.32 and a beta of 1.43. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. Parker-Hannifin Co. has a one year low of $362.49 and a one year high of $601.30.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The firm had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. Parker-Hannifin’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.08 EPS. As a group, equities analysts expect that Parker-Hannifin Co. will post 26.65 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th will be given a dividend of $1.63 per share. The ex-dividend date is Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.12%. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

Insider Activity

In other news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the sale, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph Scaminace sold 1,751 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The disclosure for this sale can be found here. Insiders own 1.03% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of a number of research reports. Truist Financial reissued a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and increased their target price for the stock from $550.00 to $650.00 in a report on Tuesday, May 28th. Stifel Nicolaus dropped their target price on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Finally, Robert W. Baird increased their target price on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average target price of $623.00.

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.