Parker-Hannifin Co. (NYSE:PH) is Smith Group Asset Management LLC’s 7th Largest Position

Smith Group Asset Management LLC lifted its stake in Parker-Hannifin Co. (NYSE:PH) by 0.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,434 shares of the industrial products company’s stock after purchasing an additional 415 shares during the period. Parker-Hannifin accounts for approximately 3.0% of Smith Group Asset Management LLC’s holdings, making the stock its 7th largest position. Smith Group Asset Management LLC’s holdings in Parker-Hannifin were worth $40,346,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Creative Planning raised its holdings in Parker-Hannifin by 0.8% during the second quarter. Creative Planning now owns 25,490 shares of the industrial products company’s stock valued at $12,893,000 after acquiring an additional 209 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Parker-Hannifin by 408.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 50,292 shares of the industrial products company’s stock valued at $25,436,000 after acquiring an additional 40,400 shares during the period. NewEdge Advisors LLC grew its position in shares of Parker-Hannifin by 7.3% during the second quarter. NewEdge Advisors LLC now owns 12,453 shares of the industrial products company’s stock valued at $6,299,000 after purchasing an additional 849 shares in the last quarter. Quarry LP grew its position in shares of Parker-Hannifin by 293.7% during the second quarter. Quarry LP now owns 437 shares of the industrial products company’s stock valued at $221,000 after purchasing an additional 326 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its position in shares of Parker-Hannifin by 25.9% during the second quarter. Regal Investment Advisors LLC now owns 1,854 shares of the industrial products company’s stock valued at $938,000 after purchasing an additional 381 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PH. Mizuho raised their price objective on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. Truist Financial lifted their price target on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Argus lifted their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, TD Cowen lifted their price target on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $722.81.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $665.56 on Wednesday. The company has a 50 day moving average price of $667.31 and a 200-day moving average price of $627.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.57 and a current ratio of 0.96. Parker-Hannifin Co. has a fifty-two week low of $463.16 and a fifty-two week high of $712.42. The company has a market capitalization of $85.67 billion, a PE ratio of 30.06, a P/E/G ratio of 2.76 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The firm had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. The company’s revenue was up 1.2% on a year-over-year basis. As a group, equities analysts forecast that Parker-Hannifin Co. will post 26.73 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Insider Activity

In related news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Andrew D. Ross sold 4,864 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,077 shares of company stock valued at $12,303,829. Corporate insiders own 0.39% 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.