Bank of Stockton Trims Stake in Parker-Hannifin Corporation (NYSE:PH)

Bank of Stockton lessened its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,981 shares of the industrial products company’s stock after selling 323 shares during the period. Parker-Hannifin comprises approximately 1.2% of Bank of Stockton’s investment portfolio, making the stock its 18th biggest position. Bank of Stockton’s holdings in Parker-Hannifin were worth $3,636,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PH. GenTrust LLC lifted its holdings in Parker-Hannifin by 2.9% during the 4th quarter. GenTrust LLC now owns 524 shares of the industrial products company’s stock valued at $333,000 after buying an additional 15 shares in the last quarter. FFT Wealth Management LLC raised its stake in shares of Parker-Hannifin by 1.3% during the fourth quarter. FFT Wealth Management LLC now owns 1,150 shares of the industrial products company’s stock valued at $732,000 after acquiring an additional 15 shares in the last quarter. First Manhattan CO. LLC. boosted its holdings in shares of Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company’s stock valued at $1,005,000 after purchasing an additional 15 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in Parker-Hannifin by 1.5% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company’s stock worth $689,000 after purchasing an additional 16 shares in the last quarter. Finally, Becker Capital Management Inc. increased its holdings in Parker-Hannifin by 3.4% during the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company’s stock worth $307,000 after purchasing an additional 16 shares during the period. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $674.34 on Thursday. The company has a 50 day simple moving average of $643.31 and a two-hundred day simple moving average of $642.43. The stock has a market cap of $86.17 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 3.15 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $718.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the business posted $6.51 EPS. The company’s revenue was down 2.2% on a year-over-year basis. As a group, analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a $1.80 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.07%. Parker-Hannifin’s payout ratio is presently 27.72%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PH. 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 research report on Tuesday, April 8th. Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Wednesday, March 19th. Citigroup lowered 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 report on Monday, April 14th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a report on Friday, May 16th. Finally, Morgan Stanley began coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an “equal weight” rating and a $700.00 target price for the company. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $719.71.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president now directly owns 2,083 shares of the company’s stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.39% of the company’s stock.

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.