Costello Asset Management INC Lowers Holdings in Parker-Hannifin Corporation $PH

Key Points

• Costello Asset Management INC significantly reduced its holdings in Parker-Hannifin Corporation by 89.3% in the 2nd quarter, decreasing from 2,857 to 305 shares.
• Corporate insiders sold a total of 14,039 shares of Parker-Hannifin stock over the last 90 days, indicating potential concerns among executives.
• Parker-Hannifin reported $7.69 earnings per share for the latest quarter, surpassing estimates and reflecting a 1.1% year-over-year revenue increase.

Costello Asset Management INC decreased its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 89.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 305 shares of the industrial products company's stock after selling 2,552 shares during the quarter. Costello Asset Management INC's holdings in Parker-Hannifin were worth $213,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Cascade Financial Partners LLC grew its position in Parker-Hannifin by 3.1% in the 1st quarter. Cascade Financial Partners LLC now owns 498 shares of the industrial products company's stock valued at $303,000 after buying an additional 15 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in shares of Parker-Hannifin by 0.8% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,814 shares of the industrial products company's stock worth $1,103,000 after purchasing an additional 15 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Parker-Hannifin by 0.5% during the 1st quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company's stock worth $1,759,000 after purchasing an additional 15 shares in the last quarter. Sivia Capital Partners LLC boosted its position in shares of Parker-Hannifin by 3.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company's stock worth $300,000 after purchasing an additional 15 shares in the last quarter. Finally, Bingham Private Wealth LLC boosted its position in shares of Parker-Hannifin by 3.3% during the 2nd quarter. Bingham Private Wealth LLC now owns 472 shares of the industrial products company's stock worth $330,000 after purchasing an additional 15 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 1,133 shares of the company's stock in a transaction dated 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 owned 5,465 shares of the company's stock, valued at $3,986,717.50. This represents a 17.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Joseph R. Leonti sold 4,625 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $750.84, for a total transaction of $3,472,635.00. Following the transaction, the executive vice president directly owned 13,878 shares of the company's stock, valued at approximately $10,420,157.52. This represents a 25.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,039 shares of company stock worth $10,356,566. Corporate insiders own 0.32% of the company's stock.

Parker-Hannifin Trading Down 1.9%

Shares of PH stock opened at $738.74 on Friday. The firm has a 50-day moving average price of $748.87 and a 200 day moving average price of $684.70. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $779.77. The company has a market capitalization of $93.48 billion, a price-to-earnings ratio of 27.24, a PEG ratio of 3.12 and a beta of 1.35. 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 (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, August 7th. The industrial products company reported $7.69 earnings per share for the quarter, beating the consensus estimate of $7.08 by $0.61. Parker-Hannifin had a net margin of 17.79% and a return on equity of 26.80%. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.10 billion. During the same quarter in the previous year, the company posted $6.77 EPS. The firm's revenue for the quarter was up 1.1% on a year-over-year basis. Parker-Hannifin has set its FY 2026 guidance at 28.400-29.400 EPS. Research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Tuesday, September 2nd were paid 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 dividend payout ratio is currently 26.55%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PH. Raymond James Financial boosted their target price on shares of Parker-Hannifin from $735.00 to $845.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating and set a $809.00 target price on the stock. in a research report on Thursday, September 4th. Evercore ISI restated an "outperform" rating on shares of Parker-Hannifin in a research report on Tuesday, August 19th. Susquehanna began coverage on shares of Parker-Hannifin in a research report on Friday, August 15th. They set a "positive" rating and a $860.00 target price on the stock. Finally, Morgan Stanley lifted their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $786.78.

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.

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