Eastern Bank Reduces Stock Position in Parker-Hannifin Corporation $PH

Key Points

• Eastern Bank has reduced its stake in Parker-Hannifin Corporation by 13.2%, now owning 49,212 shares valued at approximately $34.37 million.
• Parker-Hannifin's recent earnings report showed an EPS of $7.69, exceeding analysts' estimates and reflecting a 1.1% revenue increase year-over-year.
• The company declared a quarterly dividend of $1.80 per share, translating to an annualized dividend yield of 1.0%.

Eastern Bank lessened its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 13.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,212 shares of the industrial products company's stock after selling 7,495 shares during the quarter. Eastern Bank's holdings in Parker-Hannifin were worth $34,373,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PH. Nuveen LLC purchased a new stake in Parker-Hannifin during the 1st quarter valued at about $933,089,000. Price T Rowe Associates Inc. MD grew its stake in Parker-Hannifin by 52.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,443,104 shares of the industrial products company's stock valued at $1,485,042,000 after purchasing an additional 842,262 shares during the last quarter. Wellington Management Group LLP grew its stake in Parker-Hannifin by 11.6% during the 1st quarter. Wellington Management Group LLP now owns 2,009,250 shares of the industrial products company's stock valued at $1,221,323,000 after purchasing an additional 208,573 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Parker-Hannifin by 23.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 996,738 shares of the industrial products company's stock valued at $605,867,000 after purchasing an additional 191,799 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Parker-Hannifin by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company's stock worth $6,700,795,000 after buying an additional 168,990 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Robert W. Malone sold 2,257 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $730.66, for a total transaction of $1,649,099.62. Following the completion of the transaction, the vice president owned 5,866 shares of the company's stock, valued at $4,286,051.56. This represents a 27.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph R. Leonti sold 4,625 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 13,878 shares of the company's stock, valued at $10,420,157.52. The trade was a 25.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 14,039 shares of company stock valued at $10,356,566. 0.32% of the stock is owned by insiders.

Parker-Hannifin Stock Performance

NYSE PH opened at $716.31 on Friday. The stock has a market capitalization of $90.64 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 3.06 and a beta of 1.35. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $779.77. The company has a current ratio of 1.19, a quick ratio of 0.71 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average of $748.97 and a 200 day moving average of $685.15.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced 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. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.79%.The business had revenue of $5.24 billion during the quarter, compared to analysts' expectations of $5.10 billion. During the same quarter in the prior year, the firm earned $6.77 earnings per share. The business's revenue was up 1.1% compared to the same quarter last year. Parker-Hannifin has set its FY 2026 guidance at 28.400-29.400 EPS. Sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Shareholders 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 dividend payout ratio is presently 26.55%.

Analyst Ratings Changes

PH has been the topic of a number of recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Parker-Hannifin in a research note on Wednesday. Stifel Nicolaus upped their target price on Parker-Hannifin from $717.00 to $726.00 and gave the stock a "hold" rating in a research note on Friday, August 8th. Citigroup upped their target price on Parker-Hannifin from $831.00 to $874.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays upped their target price on Parker-Hannifin from $776.00 to $785.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Finally, Morgan Stanley upped their target price 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 assigned a Hold rating to the company. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average target price of $786.78.

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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