Assenagon Asset Management S.A. Cuts Position in Parker-Hannifin Corporation $PH

Key Points

• Assenagon Asset Management S.A. reduced its stake in Parker-Hannifin Corporation by 15.0% during Q2, now holding 302,980 shares valued at approximately $211.6 million.
• Institutional ownership of Parker-Hannifin is significant, with approximately 82.44% of the stock owned by institutional investors, who are actively adjusting their positions.
• Parker-Hannifin reported an earnings beat with $7.69 EPS for the last quarter, exceeding analysts' expectations of $7.08, and the company has a consensus price target of $770.94 according to market analysts.

Assenagon Asset Management S.A. decreased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 15.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 302,980 shares of the industrial products company's stock after selling 53,658 shares during the period. Assenagon Asset Management S.A. owned 0.24% of Parker-Hannifin worth $211,622,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IFM Investors Pty Ltd raised its holdings in shares of Parker-Hannifin by 6.7% in the 2nd quarter. IFM Investors Pty Ltd now owns 24,331 shares of the industrial products company's stock valued at $16,994,000 after purchasing an additional 1,536 shares in the last quarter. Grove Bank & Trust boosted its stake in shares of Parker-Hannifin by 19.8% in the second quarter. Grove Bank & Trust now owns 194 shares of the industrial products company's stock valued at $136,000 after purchasing an additional 32 shares during the period. Trust Point Inc. raised its holdings in Parker-Hannifin by 116.9% during the second quarter. Trust Point Inc. now owns 731 shares of the industrial products company's stock worth $511,000 after purchasing an additional 394 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its position in Parker-Hannifin by 3.9% in the 2nd quarter. Ferguson Wellman Capital Management Inc. now owns 168,828 shares of the industrial products company's stock valued at $117,921,000 after purchasing an additional 6,374 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Parker-Hannifin by 13.3% in the 2nd quarter. Exchange Traded Concepts LLC now owns 5,746 shares of the industrial products company's stock valued at $4,013,000 after purchasing an additional 674 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a research report on Friday, August 8th. Susquehanna began coverage on Parker-Hannifin in a research report on Friday, August 15th. They issued a "positive" rating and a $860.00 price target on the stock. Citigroup reaffirmed a "buy" rating and set a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Cowen reaffirmed a "hold" rating on shares of Parker-Hannifin in a research report on Friday, August 29th. Finally, Wall Street Zen upgraded Parker-Hannifin from a "hold" rating to a "buy" rating in a research note on Saturday. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $770.94.

Insiders Place Their Bets

In other news, VP Thomas C. Gentile sold 1,133 shares of Parker-Hannifin stock in a transaction on Friday, August 8th. The stock was sold at an average price of $729.50, for a total value of $826,523.50. Following the completion of the transaction, the vice president directly owned 5,465 shares in the company, valued at approximately $3,986,717.50. The trade was a 17.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joseph R. Leonti sold 4,625 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $750.84, for a total value of $3,472,635.00. Following the completion of the sale, the executive vice president directly owned 13,878 shares of the company's stock, valued at approximately $10,420,157.52. This trade represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,039 shares of company stock worth $10,356,566. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $755.96 on Friday. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $779.77. The company's 50-day moving average price is $740.49 and its two-hundred day moving average price is $671.84. The stock has a market cap of $96.60 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 3.13 and a beta of 1.35.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, August 7th. The industrial products company reported $7.69 EPS for the quarter, beating analysts' consensus estimates of $7.08 by $0.61. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.10 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%.Parker-Hannifin's revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the company posted $6.77 earnings per share. Parker-Hannifin has set its FY 2026 guidance at 28.400-29.400 EPS. As a group, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $1.80 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.0%. Parker-Hannifin's payout ratio is 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.

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