Legal & General Group Plc Has $699.69 Million Position in Parker-Hannifin Corporation $PH

Legal & General Group Plc lowered its holdings in Parker-Hannifin Corporation (NYSE:PH) by 6.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 715,343 shares of the industrial products company’s stock after selling 48,191 shares during the quarter. Legal & General Group Plc’s holdings in Parker-Hannifin were worth $699,691,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Parker-Hannifin during the 2nd quarter worth approximately $10,163,362,000. Bank of America Corp DE grew its position in Parker-Hannifin by 0.6% in the fourth quarter. Bank of America Corp DE now owns 3,926,896 shares of the industrial products company’s stock valued at $3,451,584,000 after acquiring an additional 22,305 shares during the period. Capital World Investors raised its stake in Parker-Hannifin by 0.6% during the fourth quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company’s stock worth $2,286,038,000 after acquiring an additional 16,703 shares in the last quarter. Morgan Stanley raised its stake in Parker-Hannifin by 1.1% during the fourth quarter. Morgan Stanley now owns 2,133,044 shares of the industrial products company’s stock worth $1,874,862,000 after acquiring an additional 22,367 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Parker-Hannifin during the fourth quarter valued at $1,756,230,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of NYSE:PH opened at $1,014.87 on Tuesday. Parker-Hannifin Corporation has a twelve month low of $715.37 and a twelve month high of $1,099.94. The firm has a market cap of $127.96 billion, a PE ratio of 35.62, a price-to-earnings-growth ratio of 2.61 and a beta of 1.12. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.74 and a current ratio of 1.26. The business has a fifty day moving average of $986.33 and a 200-day moving average of $949.08.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the company earned $7.69 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, equities research analysts predict that Parker-Hannifin Corporation will post 34.93 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 31st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is currently 28.08%.

Analyst Upgrades and Downgrades

PH has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a “buy” rating in a research note on Friday, August 7th. BMO Capital Markets reiterated an “outperform” rating and set a $1,214.00 target price on shares of Parker-Hannifin in a research report on Friday, August 7th. Mizuho set a $1,050.00 price target on shares of Parker-Hannifin in a research report on Friday, May 1st. Evercore set a $1,064.00 price target on shares of Parker-Hannifin in a research report on Monday, May 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 26th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $1,100.00.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.