Bessemer Group Inc. Decreases Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Bessemer Group Inc. decreased its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 50.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,896 shares of the industrial products company's stock after selling 4,962 shares during the quarter. Bessemer Group Inc.'s holdings in Parker-Hannifin were worth $2,976,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. boosted its position in Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after purchasing an additional 15 shares during the period. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Parker-Hannifin by 1.5% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock valued at $689,000 after buying an additional 16 shares in the last quarter. Becker Capital Management Inc. boosted its holdings in Parker-Hannifin by 3.4% in the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock worth $307,000 after buying an additional 16 shares during the period. Northwest Wealth Management LLC grew its stake in Parker-Hannifin by 3.0% in the 4th quarter. Northwest Wealth Management LLC now owns 578 shares of the industrial products company's stock valued at $367,000 after buying an additional 17 shares in the last quarter. Finally, Ellevest Inc. raised its holdings in Parker-Hannifin by 5.7% during the 4th quarter. Ellevest Inc. now owns 351 shares of the industrial products company's stock valued at $223,000 after acquiring an additional 19 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded up $9.26 on Friday, hitting $700.97. 1,044,233 shares of the company traded hands, compared to its average volume of 695,961. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $718.44. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The company has a market cap of $89.57 billion, a P/E ratio of 26.99, a P/E/G ratio of 3.27 and a beta of 1.34. The firm's 50-day simple moving average is $648.74 and its 200 day simple moving average is $642.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the prior year, the firm earned $6.51 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. Analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.03%. Parker-Hannifin's payout ratio is presently 27.72%.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PH. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. Morgan Stanley assumed coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 target price for the company. Truist Financial decreased their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Company Profile

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.