Allstate Corp Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Allstate Corp acquired a new stake in shares of Parker-Hannifin Co. (NYSE:PH) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 3,805 shares of the industrial products company’s stock, valued at approximately $2,420,000.

A number of other institutional investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. raised its holdings in Parker-Hannifin by 10.4% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,646 shares of the industrial products company’s stock worth $1,047,000 after buying an additional 155 shares during the last quarter. Level Four Advisory Services LLC increased its position in shares of Parker-Hannifin by 6.2% during the fourth quarter. Level Four Advisory Services LLC now owns 1,086 shares of the industrial products company’s stock worth $691,000 after acquiring an additional 63 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of Parker-Hannifin by 1.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 4,349 shares of the industrial products company’s stock worth $2,766,000 after acquiring an additional 51 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Parker-Hannifin by 6.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 557,160 shares of the industrial products company’s stock valued at $354,370,000 after acquiring an additional 34,821 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Parker-Hannifin by 0.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 37,962 shares of the industrial products company’s stock valued at $24,145,000 after purchasing an additional 162 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PH has been the topic of a number of recent research reports. Citigroup assumed coverage on Parker-Hannifin in a report on Friday, February 7th. They issued a “buy” rating and a $795.00 target price on the stock. Barclays dropped their price objective on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. Evercore ISI upped their target price on shares of Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Truist Financial raised their price target on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a research report on Friday, January 31st. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $736.65.

Parker-Hannifin Trading Down 4.1 %

Shares of PH opened at $600.78 on Friday. Parker-Hannifin Co. has a fifty-two week low of $492.71 and a fifty-two week high of $718.44. The business has a 50-day moving average of $658.39 and a 200 day moving average of $654.58. The firm has a market cap of $77.33 billion, a P/E ratio of 24.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

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

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.09%. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

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.