Bruce G. Allen Investments LLC Trims Position in Parker-Hannifin Co. (NYSE:PH)

Bruce G. Allen Investments LLC reduced its stake in Parker-Hannifin Co. (NYSE:PH) by 6.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 225 shares of the industrial products company’s stock after selling 16 shares during the period. Bruce G. Allen Investments LLC’s holdings in Parker-Hannifin were worth $143,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PH. State Street Corp increased its holdings in Parker-Hannifin by 13.8% during the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after purchasing an additional 753,143 shares during the period. FMR LLC raised its holdings in shares of Parker-Hannifin by 7.1% in the third quarter. FMR LLC now owns 4,116,257 shares of the industrial products company’s stock valued at $2,600,733,000 after acquiring an additional 272,531 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Parker-Hannifin by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,577,831 shares of the industrial products company’s stock valued at $1,623,689,000 after acquiring an additional 29,408 shares in the last quarter. Wellington Management Group LLP grew its holdings in Parker-Hannifin by 39.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after acquiring an additional 564,365 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Parker-Hannifin by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,593,970 shares of the industrial products company’s stock valued at $1,007,102,000 after purchasing an additional 59,432 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Insider Activity

In other Parker-Hannifin news, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the transaction, the vice president now directly owns 15,350 shares in the company, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 over the last 90 days. 0.39% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Performance

NYSE:PH traded down $13.46 during trading hours on Friday, reaching $628.04. The company had a trading volume of 422,844 shares, compared to its average volume of 508,418. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57. Parker-Hannifin Co. has a 1-year low of $453.18 and a 1-year high of $712.42. The business’s 50 day moving average price is $673.38 and its 200-day moving average price is $612.50. The firm has a market cap of $80.84 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 2.71 and a beta of 1.45.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating the consensus estimate of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The company had revenue of $4.90 billion for the quarter, compared to analyst estimates of $4.90 billion. During the same quarter last year, the business earned $5.96 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. Research analysts forecast that Parker-Hannifin Co. will post 26.75 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Barclays boosted their price objective on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. UBS Group started coverage on shares of Parker-Hannifin in a research note on Wednesday, November 13th. They issued a “buy” rating and a $842.00 target price for the company. Wells Fargo & Company reduced their price target on Parker-Hannifin from $770.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday. Robert W. Baird raised their price objective on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Truist Financial increased their price target on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and an average price target of $722.94.

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.