Community Trust & Investment Co. trimmed its stake in shares of Parker-Hannifin Co. (NYSE:PH – Free Report) by 9.8% in the fourth quarter, Holdings Channel reports. The fund owned 39,649 shares of the industrial products company’s stock after selling 4,328 shares during the period. Parker-Hannifin accounts for about 1.6% of Community Trust & Investment Co.’s portfolio, making the stock its 15th biggest position. Community Trust & Investment Co.’s holdings in Parker-Hannifin were worth $25,218,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in PH. Pines Wealth Management LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth approximately $374,000. SeaCrest Wealth Management LLC raised its stake in shares of Parker-Hannifin by 4.1% in the 4th quarter. SeaCrest Wealth Management LLC now owns 1,387 shares of the industrial products company’s stock valued at $882,000 after acquiring an additional 55 shares during the period. Accurate Wealth Management LLC lifted its position in Parker-Hannifin by 18.5% during the 4th quarter. Accurate Wealth Management LLC now owns 1,457 shares of the industrial products company’s stock worth $918,000 after acquiring an additional 227 shares in the last quarter. Tuttle Capital Management LLC grew its position in Parker-Hannifin by 33.5% in the fourth quarter. Tuttle Capital Management LLC now owns 606 shares of the industrial products company’s stock valued at $385,000 after acquiring an additional 152 shares in the last quarter. Finally, Wright Investors Service Inc. boosted its stake in shares of Parker-Hannifin by 236.7% in the fourth quarter. Wright Investors Service Inc. now owns 3,185 shares of the industrial products company’s stock valued at $2,026,000 after purchasing an additional 2,239 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.
Insiders Place Their Bets
In related news, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was 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 of the company’s stock, valued at approximately $9,686,464. The trade was a 27.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,430 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $701.16, for a total value of $1,703,818.80. Following the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at $3,831,839.40. This represents a 30.78 % 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 valued at $12,303,829 over the last 90 days. 0.39% of the stock is currently owned by insiders.
Parker-Hannifin Price Performance
Parker-Hannifin (NYSE:PH – Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The company had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the business posted $5.96 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Parker-Hannifin Co. will post 26.75 EPS for the current fiscal year.
Parker-Hannifin Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 8th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s payout ratio is currently 29.45%.
Analyst Ratings Changes
PH has been the topic of a number of recent analyst reports. Mizuho upped their target price on Parker-Hannifin from $665.00 to $715.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Argus upped their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Truist Financial boosted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays boosted their price target on shares of Parker-Hannifin from $703.00 to $800.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. Finally, Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 target price for the company in a research note on Thursday, December 12th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus price target of $722.94.
Read Our Latest Research Report on PH
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.
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