1832 Asset Management L.P. Cuts Stake in Parker-Hannifin Corporation $PH

Key Points

• 1832 Asset Management L.P. sold 49,710 shares of Parker-Hannifin, reducing its stake by 37.0%, leaving it with 84,520 shares valued at around $51.4 million.
• The company reported $7.69 earnings per share for the last quarter, exceeding expectations and marking a 1.1% year-over-year revenue increase.
• Parker-Hannifin also announced a quarterly dividend of $1.80 per share, with a yield of 1.0%, to be paid on September 12th.

1832 Asset Management L.P. lowered its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 37.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 84,520 shares of the industrial products company's stock after selling 49,710 shares during the period. 1832 Asset Management L.P. owned approximately 0.07% of Parker-Hannifin worth $51,375,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC grew its holdings in shares of Parker-Hannifin by 27.2% in the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after purchasing an additional 6,630 shares in the last quarter. Alley Investment Management Company LLC acquired a new position in shares of Parker-Hannifin in the first quarter valued at approximately $7,996,000. Community Financial Services Group LLC grew its holdings in shares of Parker-Hannifin by 1,338.2% in the first quarter. Community Financial Services Group LLC now owns 6,630 shares of the industrial products company's stock valued at $4,030,000 after purchasing an additional 6,169 shares in the last quarter. Heartland Bank & Trust Co acquired a new position in shares of Parker-Hannifin in the first quarter valued at approximately $260,000. Finally, Banco Santander S.A. grew its holdings in shares of Parker-Hannifin by 70.2% in the first quarter. Banco Santander S.A. now owns 35,645 shares of the industrial products company's stock valued at $21,667,000 after purchasing an additional 14,705 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PH. Morgan Stanley lifted their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. KeyCorp lifted their price target on shares of Parker-Hannifin from $790.00 to $810.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Citigroup reiterated a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Finally, Evercore ISI reiterated an "outperform" rating on shares of Parker-Hannifin in a research note on Tuesday, August 19th. Fourteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $768.71.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,361 shares of Parker-Hannifin stock in a transaction on Friday, August 8th. The shares were sold at an average price of $732.66, for a total value of $3,195,130.26. Following the transaction, the chief operating officer directly owned 13,120 shares of the company's stock, valued at $9,612,499.20. The trade was a 24.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas C. Gentile sold 1,133 shares of Parker-Hannifin stock in a transaction on Friday, August 8th. The shares were sold at an average price of $729.50, for a total transaction of $826,523.50. Following the completion of the transaction, the vice president directly owned 5,465 shares in the company, valued at $3,986,717.50. The trade was a 17.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,414 shares of company stock worth $6,883,931. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.8%

Shares of NYSE:PH traded up $6.45 during trading on Wednesday, hitting $768.00. 635,599 shares of the company were exchanged, compared to its average volume of 750,164. The stock has a market capitalization of $98.13 billion, a P/E ratio of 28.32, a PEG ratio of 3.11 and a beta of 1.37. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.19 and a quick ratio of 0.71. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $768.45. The firm's 50 day moving average price is $716.99 and its 200-day moving average price is $661.40.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, topping the consensus estimate of $7.08 by $0.61. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The company's revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.77 EPS. Parker-Hannifin has set its FY 2026 guidance at 28.400-29.400 EPS. On average, research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Tuesday, September 2nd. Parker-Hannifin's payout ratio is currently 26.55%.

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.