Allspring Global Investments Holdings LLC Cuts Holdings in Parker-Hannifin Corporation $PH

Allspring Global Investments Holdings LLC lowered its holdings in Parker-Hannifin Corporation (NYSE:PH) by 5.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,028 shares of the industrial products company’s stock after selling 2,214 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Parker-Hannifin were worth $31,314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PH. Texas Capital Bancshares Inc TX purchased a new stake in Parker-Hannifin during the 3rd quarter valued at $25,000. Chilton Capital Management LLC purchased a new stake in Parker-Hannifin during the third quarter valued at $29,000. Ameriflex Group Inc. lifted its holdings in Parker-Hannifin by 366.7% in the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 33 shares during the period. Morse Asset Management Inc lifted its holdings in Parker-Hannifin by 164.7% in the third quarter. Morse Asset Management Inc now owns 45 shares of the industrial products company’s stock valued at $34,000 after acquiring an additional 28 shares during the period. Finally, Valley Wealth Managers Inc. purchased a new position in Parker-Hannifin in the third quarter worth about $36,000. 82.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at $6,207,626.70. This represents a 16.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Todd M. Leombruno sold 2,062 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the completion of the sale, the chief financial officer owned 20,610 shares in the company, valued at approximately $20,658,227.40. The trade was a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 10,063 shares of company stock valued at $9,891,214. 0.32% of the stock is currently owned by company insiders.

Parker-Hannifin Trading Down 1.4%

PH stock opened at $908.32 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $1,034.96. The business has a 50 day simple moving average of $951.50 and a two-hundred day simple moving average of $871.81. The company has a market capitalization of $114.65 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 2.96 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. Parker-Hannifin’s revenue was up 9.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.53 earnings per share. Research analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were given a dividend of $1.80 per share. The ex-dividend date was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a yield of 0.8%. Parker-Hannifin’s payout ratio is 26.26%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PH shares. Stifel Nicolaus boosted their target price on shares of Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a research report on Friday, January 30th. Citigroup lifted their price target on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. The Goldman Sachs Group reissued a “buy” rating on shares of Parker-Hannifin in a research report on Thursday, January 29th. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $1,050.00 to $980.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Robert W. Baird set a $1,050.00 target price on Parker-Hannifin in a report on Friday, January 30th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $996.60.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.