Ferguson Wellman Capital Management Inc. Sells 6,656 Shares of Parker-Hannifin Corporation $PH

Key Points

• Ferguson Wellman Capital Management reduced its Parker-Hannifin stake by 5.6%, selling 6,656 shares and ending the quarter with 111,839 shares worth approximately $106.9 million. Institutional investors collectively own 82.44% of the company.
• Analysts remain broadly bullish: 16 rate PH a Buy and three a Hold, producing a “Moderate Buy” consensus and an average price target of $1,119.55.
• Parker-Hannifin’s latest quarterly results exceeded expectations, with EPS of $9.27 versus an $8.31 estimate and revenue of $5.75 billion. The stock recently traded at $979.20, while the company maintains a quarterly dividend of $2.00 per share, yielding about 0.8%.

Ferguson Wellman Capital Management Inc. cut its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,839 shares of the industrial products company's stock after selling 6,656 shares during the quarter. Parker-Hannifin accounts for 1.3% of Ferguson Wellman Capital Management Inc.'s portfolio, making the stock its 18th largest position. Ferguson Wellman Capital Management Inc. owned 0.09% of Parker-Hannifin worth $106,853,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in Parker-Hannifin in the 2nd quarter valued at approximately $10,163,362,000. State Street Corp boosted its position in Parker-Hannifin by 0.5% during the second quarter. State Street Corp now owns 9,385,389 shares of the industrial products company's stock valued at $9,180,037,000 after acquiring an additional 42,548 shares during the last quarter. Bank of America Corp DE purchased a new stake in Parker-Hannifin during the second quarter worth about $3,273,507,000. Capital World Investors lifted its holdings in shares of Parker-Hannifin by 0.6% during the 4th quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company's stock valued at $2,286,038,000 after buying an additional 16,703 shares during the period. Finally, Nuveen LLC raised its position in shares of Parker-Hannifin by 7.4% in the 4th quarter. Nuveen LLC now owns 1,367,683 shares of the industrial products company's stock worth $1,202,139,000 after acquiring an additional 94,343 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PH shares. KeyCorp raised their price target on Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Citigroup boosted their target price on shares of Parker-Hannifin from $1,141.00 to $1,232.00 and gave the company a "buy" rating in a report on Friday, August 7th. Truist Financial raised their target price on Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Sanford C. Bernstein lifted their target price on Parker-Hannifin from $1,037.00 to $1,218.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Stifel Nicolaus set a $1,075.00 target price on shares of Parker-Hannifin in a report on Friday, August 7th. Sixteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,119.55.

Parker-Hannifin Stock Up 0.7%

PH stock traded up $6.65 during midday trading on Monday, reaching $979.20. The company had a trading volume of 114,408 shares, compared to its average volume of 693,152. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. Parker-Hannifin Corporation has a 1 year low of $715.37 and a 1 year high of $1,099.94. The company has a 50 day moving average of $987.98 and a two-hundred day moving average of $946.28. The company has a market capitalization of $123.49 billion, a P/E ratio of 34.37, a PEG ratio of 2.98 and a beta of 1.12.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, topping analysts' consensus estimates of $8.31 by $0.96. The firm had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The firm's revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, equities research analysts expect that Parker-Hannifin Corporation will post 35.02 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 31st were paid a dividend of $2.00 per share. The ex-dividend date was Monday, August 31st. This represents a $8.00 dividend on an annualized basis and a yield of 0.8%. Parker-Hannifin's payout ratio is currently 28.08%.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the completion of the transaction, the vice president owned 4,399 shares in the company, valued at $4,577,027.53. This trade represents a 12.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.35% of the stock is owned by company insiders.

About Parker-Hannifin

Parker-Hannifin Corporation is a diversified manufacturer of motion and control technologies. The company develops and produces components and systems that manage the movement and control of liquids, gases and mechanical force across industrial, mobile and aerospace applications.

Its product portfolio includes hydraulic and pneumatic systems, electromechanical technologies, filtration and fluid-management equipment, seals and shielding products, connectors, pumps, valves, sensors, thermal-management solutions and related engineered systems.

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