Beacon Pointe Advisors LLC Reduces Stake in Parker-Hannifin Co. (NYSE:PH)

Beacon Pointe Advisors LLC cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 8.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 15,871 shares of the industrial products company’s stock after selling 1,462 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Parker-Hannifin were worth $10,094,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PH. Norges Bank acquired a new position in Parker-Hannifin in the 4th quarter worth about $1,106,132,000. Proficio Capital Partners LLC lifted its stake in Parker-Hannifin by 116,370.3% in the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after buying an additional 1,139,265 shares in the last quarter. Capital World Investors acquired a new stake in Parker-Hannifin in the 4th quarter worth about $418,174,000. Assenagon Asset Management S.A. increased its stake in Parker-Hannifin by 176.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock worth $278,661,000 after buying an additional 279,480 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $175,739,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Citigroup lowered their price target on Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Truist Financial reduced their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Evercore ISI boosted their target price on Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $705.35.

Parker-Hannifin Stock Down 0.2 %

Shares of NYSE PH opened at $597.00 on Tuesday. The company has a 50 day simple moving average of $605.53 and a 200-day simple moving average of $646.60. The company has a market capitalization 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. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44.

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

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.80%.

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.