Allspring Global Investments Holdings LLC Has $33.36 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Allspring Global Investments Holdings LLC lowered its position in Parker-Hannifin Co. (NYSE:PHFree Report) by 16.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 added to or reduced their stakes in the company. Sachetta LLC bought a new stake in shares of Parker-Hannifin in the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new position in shares of Parker-Hannifin in the 4th quarter valued at approximately $26,000. First United Bank & Trust bought a new stake in Parker-Hannifin during the 4th quarter worth approximately $29,000. Harbor Investment Advisory LLC raised its holdings in Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $512.72 on Friday. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $570.15. The company has a market cap of $65.91 billion, a PE ratio of 24.16, a price-to-earnings-growth ratio of 1.99 and a beta of 1.44. The business’s 50 day moving average price is $528.79 and its two-hundred day moving average price is $516.89. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

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

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 10th were issued a dividend of $1.63 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.27%. Parker-Hannifin’s payout ratio is presently 30.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PH. Raymond James assumed coverage on shares of Parker-Hannifin in a report on Friday, June 28th. They set an “outperform” rating and a $610.00 price objective on the stock. Truist Financial boosted their price target on Parker-Hannifin from $611.00 to $621.00 and gave the company a “buy” rating in a report on Tuesday. KeyCorp increased their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Wells Fargo & Company cut their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. Finally, Bank of America raised their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average price target of $569.69.

Check Out Our Latest Stock Report on Parker-Hannifin

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the transaction, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The sale 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 company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares in the company, valued at $609,989.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Berend Bracht sold 1,079 shares of the firm’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 transaction, 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. 1.03% of the stock is owned by company insiders.

About Parker-Hannifin

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Parker-Hannifin (NYSE:PH)

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