California State Teachers Retirement System Reduces Stock Position in Parker-Hannifin Co. (NYSE:PH)

California State Teachers Retirement System lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 0.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 202,569 shares of the industrial products company's stock after selling 1,569 shares during the period. California State Teachers Retirement System owned approximately 0.16% of Parker-Hannifin worth $128,840,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PH. Franklin Resources Inc. increased its stake in Parker-Hannifin by 39.2% in the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company's stock worth $415,409,000 after purchasing an additional 181,859 shares during the period. Howard Capital Management Group LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $23,390,000. SG Americas Securities LLC increased its holdings in Parker-Hannifin by 752.5% during the 4th quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company's stock worth $15,507,000 after purchasing an additional 21,521 shares during the period. Columbus Macro LLC raised its holdings in shares of Parker-Hannifin by 485.2% in the fourth quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company's stock valued at $6,838,000 after acquiring an additional 8,914 shares in the last quarter. Finally, Congress Asset Management Co. raised its holdings in shares of Parker-Hannifin by 15.5% in the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company's stock valued at $121,292,000 after purchasing an additional 25,605 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on PH. StockNews.com cut Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Citigroup cut their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, Evercore ISI upped their target price on Parker-Hannifin from $777.00 to $824.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $705.35.

Parker-Hannifin Stock Down 0.2 %

NYSE PH opened at $597.00 on Tuesday. The business has a fifty day moving average price of $605.53 and a 200 day moving average price of $646.60. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a market cap of $76.85 billion, a P/E ratio of 24.71, a P/E/G ratio of 2.85 and a beta of 1.39. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly 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%. Research analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's payout ratio is currently 29.80%.

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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