Northern Trust Corp Buys 182,134 Shares of Parker-Hannifin Co. (NYSE:PH)

Northern Trust Corp lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 15.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,345,564 shares of the industrial products company’s stock after buying an additional 182,134 shares during the quarter. Northern Trust Corp’s holdings in Parker-Hannifin were worth $855,819,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PH. Vanguard Group Inc. increased its stake in Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company’s stock valued at $6,903,962,000 after purchasing an additional 111,406 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Parker-Hannifin by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock worth $1,699,580,000 after purchasing an additional 99,261 shares during the last quarter. Invesco Ltd. boosted its holdings in Parker-Hannifin by 8.6% during the fourth quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock worth $1,591,810,000 after purchasing an additional 198,292 shares during the last quarter. Norges Bank acquired a new position in Parker-Hannifin during the fourth quarter worth $1,106,132,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Parker-Hannifin by 17.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,600,842 shares of the industrial products company’s stock valued at $1,018,185,000 after acquiring an additional 237,634 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PH has been the subject of a number of recent analyst reports. Citigroup cut their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Truist Financial cut their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Evercore ISI increased their price target on Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Wolfe Research cut Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Finally, Stifel Nicolaus cut their target price on Parker-Hannifin from $691.00 to $564.00 and set a “hold” rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $705.35.

Parker-Hannifin Stock Down 0.2 %

Shares of NYSE:PH opened at $597.00 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $605.53 and a 200 day simple moving average of $646.60. Parker-Hannifin Co. has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market cap of $76.85 billion, a P/E ratio of 24.71, a P/E/G ratio of 2.85 and a beta of 1.39.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given a $1.80 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Friday, May 9th. Parker-Hannifin’s dividend payout ratio is presently 29.80%.

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.