Baker Avenue Asset Management LP Sells 1,881 Shares of Parker-Hannifin Co. (NYSE:PH)

Baker Avenue Asset Management LP decreased its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,122 shares of the industrial products company’s stock after selling 1,881 shares during the quarter. Parker-Hannifin comprises 1.0% of Baker Avenue Asset Management LP’s holdings, making the stock its 23rd largest holding. Baker Avenue Asset Management LP’s holdings in Parker-Hannifin were worth $31,879,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PH. Benjamin Edwards Inc. boosted its stake in Parker-Hannifin by 4.2% during the 4th quarter. Benjamin Edwards Inc. now owns 4,105 shares of the industrial products company’s stock valued at $2,611,000 after purchasing an additional 164 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Parker-Hannifin by 93.7% in the fourth quarter. BNP Paribas Financial Markets now owns 260,808 shares of the industrial products company’s stock valued at $165,882,000 after purchasing an additional 126,196 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in Parker-Hannifin by 52.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 85,013 shares of the industrial products company’s stock worth $54,071,000 after buying an additional 29,319 shares in the last quarter. Alteri Wealth LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $1,004,000. Finally, Aptus Capital Advisors LLC raised its position in Parker-Hannifin by 10.6% in the 4th quarter. Aptus Capital Advisors LLC now owns 718 shares of the industrial products company’s stock valued at $457,000 after buying an additional 69 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Shares of PH stock opened at $619.37 on Friday. The firm’s 50 day moving average is $600.70 and its 200 day moving average is $645.71. The stock has a market capitalization of $79.73 billion, a P/E ratio of 25.64, a PEG ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.51 earnings per share. On average, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be paid a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.16%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is currently 27.72%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PH shares. Citigroup reduced their target price 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. KeyCorp increased their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group dropped their target price on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Wells Fargo & Company upped their target price on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average target price of $711.88.

Parker-Hannifin Company 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.