Comerica Bank Has $38.73 Million Position in Parker-Hannifin Corporation $PH

Key Points

• Comerica Bank trimmed its stake in Parker‑Hannifin by 9.3%, selling 4,518 shares and holding 44,066 shares worth about $38.73 million per its latest 13F filing.
• Parker‑Hannifin topped Q4 estimates with EPS of $7.65 (vs. $7.11) and 9.1% revenue growth, and raised its quarterly dividend to $2.00 (annualized $8.00; yield ~0.8%) payable June 5.

Comerica Bank lessened its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 9.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,066 shares of the industrial products company's stock after selling 4,518 shares during the period. Comerica Bank's holdings in Parker-Hannifin were worth $38,732,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Texas Capital Bancshares Inc TX acquired a new position in Parker-Hannifin during the third quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC grew its holdings in Parker-Hannifin by 80.0% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 36 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 16 shares during the last quarter. Chilton Capital Management LLC acquired a new position in Parker-Hannifin during the third quarter valued at approximately $29,000. Ameriflex Group Inc. grew its holdings in Parker-Hannifin by 366.7% during the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 33 shares during the last quarter. Finally, Avion Wealth grew its holdings in Parker-Hannifin by 35.5% during the fourth quarter. Avion Wealth now owns 42 shares of the industrial products company's stock valued at $36,000 after purchasing an additional 11 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Trading Up 0.2%

Shares of Parker-Hannifin stock opened at $976.03 on Monday. The company's fifty day simple moving average is $952.62 and its 200-day simple moving average is $896.99. The company has a market cap of $123.19 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 3.14 and a beta of 1.25. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 1 year low of $583.89 and a 1 year high of $1,034.96.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business's quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business earned $6.53 EPS. As a group, sell-side analysts expect that Parker-Hannifin Corporation will post 30.99 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Friday, May 8th will be paid a $2.00 dividend. The ex-dividend date is Friday, May 8th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.80. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin's dividend payout ratio is 26.26%.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,664 shares of the firm's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total value of $4,659,336.00. Following the sale, the chief operating officer owned 13,120 shares in the company, valued at approximately $13,106,880. This trade represents a 26.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Matthew A. Jacobson sold 564 shares of the firm's stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares of the company's stock, valued at approximately $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 10,063 shares of company stock valued at $9,891,214 in the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PH has been the topic of several analyst reports. iA Financial set a $1,032.00 price target on Parker-Hannifin in a report on Thursday, January 29th. Robert W. Baird set a $1,050.00 price target on Parker-Hannifin in a report on Friday, January 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of Parker-Hannifin in a report on Thursday, January 29th. Stifel Nicolaus increased their price target on Parker-Hannifin from $965.00 to $1,000.00 and gave the company a "hold" rating in a report on Friday, April 10th. Finally, KeyCorp reiterated an "overweight" rating and set a $1,100.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $1,000.60.

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.

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