Carnegie Capital Asset Management LLC Decreases Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Carnegie Capital Asset Management LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH) by 2.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,808 shares of the industrial products company’s stock after selling 134 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Parker-Hannifin were worth $2,676,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in Parker-Hannifin during the 3rd quarter valued at $25,000. Baystate Wealth Management LLC increased its position in Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 49 shares during the period. DHJJ Financial Advisors Ltd. purchased a new position in Parker-Hannifin during the 3rd quarter valued at $29,000. First Capital Advisors Group LLC. purchased a new position in Parker-Hannifin during the 2nd quarter valued at $30,000. Finally, Oakworth Capital Inc. increased its position in Parker-Hannifin by 48.3% during the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 28 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

NYSE PH opened at $543.37 on Tuesday. Parker-Hannifin Co. has a 52 week low of $309.89 and a 52 week high of $570.15. The firm has a market capitalization of $69.77 billion, a P/E ratio of 26.90, a PEG ratio of 2.01 and a beta of 1.52. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $538.46 and a 200-day moving average price of $469.06.

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, beating the consensus estimate of $5.26 by $0.89. The firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.76 EPS. Equities research analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio is 29.31%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PH. Barclays boosted their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Truist Financial initiated coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price on the stock. Evercore ISI upped their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Finally, Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $450.00 to $510.00 and gave the company an “overweight” rating in a research note on Tuesday, December 19th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $515.38.

Insider Buying and Selling

In related news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is owned by corporate insiders.

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.