Parker-Hannifin Co. (NYSE:PH) Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. raised its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 30.7% in the 4th quarter, HoldingsChannel reports. The fund owned 52,740 shares of the industrial products company’s stock after buying an additional 12,398 shares during the quarter. Federated Hermes Inc.’s holdings in Parker-Hannifin were worth $24,297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Parker-Hannifin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after acquiring an additional 190,889 shares in the last quarter. FMR LLC boosted its position in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after purchasing an additional 324,063 shares during the period. Invesco Ltd. boosted its position in shares of Parker-Hannifin by 1.8% in the 3rd quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company’s stock valued at $1,134,069,000 after purchasing an additional 52,739 shares during the period. Geode Capital Management LLC boosted its position in shares of Parker-Hannifin by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 2,637,380 shares of the industrial products company’s stock valued at $884,432,000 after purchasing an additional 58,506 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Parker-Hannifin by 1.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,990,847 shares of the industrial products company’s stock valued at $564,923,000 after purchasing an additional 24,977 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the subject of a number of research analyst reports. The Goldman Sachs Group reissued a “buy” rating and issued a $551.00 target price on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Stifel Nicolaus upped their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Evercore ISI upped their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Finally, Truist Financial began coverage on Parker-Hannifin in a research note on Thursday, March 14th. They set a “buy” rating and a $602.00 price objective for the company. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $515.38.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $534.65 on Monday. The company has a market cap of $68.65 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 1.96 and a beta of 1.52. The stock has a 50 day simple moving average of $540.36 and a 200-day simple moving average of $473.40. Parker-Hannifin Co. has a 12-month low of $309.89 and a 12-month 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.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.26 by $0.89. The business had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the business posted $4.76 EPS. On average, equities analysts forecast that Parker-Hannifin Co. will post 24.3 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.11%. The ex-dividend date was Thursday, February 8th. Parker-Hannifin’s payout ratio is currently 29.31%.

Insider Activity at Parker-Hannifin

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

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.