First Citizens Bank & Trust Co. Cuts Position in Parker-Hannifin Co. (NYSE:PH)

First Citizens Bank & Trust Co. cut its stake in Parker-Hannifin Co. (NYSE:PH) by 9.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 485 shares of the industrial products company’s stock after selling 53 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Parker-Hannifin were worth $223,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. 17 Capital Partners LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter worth $2,271,000. HMS Capital Management LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth about $1,225,000. Patton Fund Management Inc. lifted its holdings in shares of Parker-Hannifin by 146.3% in the 4th quarter. Patton Fund Management Inc. now owns 13,213 shares of the industrial products company’s stock valued at $6,087,000 after buying an additional 7,849 shares during the period. Cooper Financial Group lifted its holdings in shares of Parker-Hannifin by 55.5% in the 4th quarter. Cooper Financial Group now owns 936 shares of the industrial products company’s stock valued at $431,000 after buying an additional 334 shares during the period. Finally, Comerica Bank lifted its holdings in shares of Parker-Hannifin by 182.9% in the 3rd quarter. Comerica Bank now owns 73,748 shares of the industrial products company’s stock valued at $28,726,000 after buying an additional 47,681 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays boosted their price objective on Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday. KeyCorp boosted their price objective on Parker-Hannifin from $500.00 to $575.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Truist Financial started coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Evercore ISI lifted their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. Finally, TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $511.31.

Parker-Hannifin Trading Up 2.1 %

Shares of Parker-Hannifin stock opened at $559.06 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The stock’s 50 day simple moving average is $525.12 and its 200-day simple moving average is $458.44. Parker-Hannifin Co. has a 1-year low of $308.26 and a 1-year high of $561.13. The stock has a market cap of $71.79 billion, a P/E ratio of 27.68, a P/E/G ratio of 2.02 and a beta of 1.52.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the firm earned $4.76 earnings per share. The firm’s revenue was up 3.1% compared to the same quarter last year. Analysts predict that Parker-Hannifin Co. will post 24.2 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio is currently 29.31%.

Insider Transactions at Parker-Hannifin

In other news, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Mark J. Hart sold 5,197 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $6,693,299.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is currently owned by company insiders.

Parker-Hannifin Profile

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.