Invesco Ltd. Sells 45,781 Shares of Parker-Hannifin Corporation $PH

Key Points

• Invesco Ltd. sold 45,781 shares of Parker‑Hannifin (a 2.0% reduction), leaving it with 2,300,141 shares—about 1.82% of the company valued at roughly $1.744 billion per its SEC filing.
• Procyon Advisors LLC made a massive purchase, adding 5,066,179 shares to bring its stake to 5,069,374 shares (≈$3.843 billion), and overall institutional investors now own about 82.44% of the stock.
• Corporate insiders have been net sellers recently—including VP Dinu J. Parel and CFO Todd M. Leombruno—with insiders offloading a total of 10,063 shares worth about $9.89 million over the last three months (insiders own 0.32% of the company).

Invesco Ltd. cut its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,300,141 shares of the industrial products company's stock after selling 45,781 shares during the quarter. Invesco Ltd. owned approximately 1.82% of Parker-Hannifin worth $1,743,852,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. Procyon Advisors LLC raised its holdings in shares of Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company's stock valued at $3,843,346,000 after purchasing an additional 5,066,179 shares in the last quarter. Norges Bank purchased a new stake in shares of Parker-Hannifin in the 2nd quarter worth approximately $1,352,509,000. Canada Pension Plan Investment Board boosted its stake in shares of Parker-Hannifin by 115.7% during the second quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company's stock valued at $256,970,000 after purchasing an additional 197,317 shares in the last quarter. Capital World Investors boosted its stake in shares of Parker-Hannifin by 7.0% during the third quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company's stock valued at $1,959,166,000 after purchasing an additional 169,073 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Parker-Hannifin by 9.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company's stock valued at $1,145,199,000 after buying an additional 136,359 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Dinu J. Parel sold 1,316 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $950.05, for a total value of $1,250,265.80. Following the transaction, the vice president directly owned 6,534 shares of the company's stock, valued at approximately $6,207,626.70. This represents a 16.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of the firm's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the completion of the transaction, the chief financial officer owned 20,610 shares of the company's stock, valued at approximately $20,658,227.40. The trade was a 9.09% 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 worth $9,891,214 over the last three months. Corporate insiders own 0.32% of the company's stock.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $901.93 on Friday. The company has a 50 day moving average price of $959.70 and a 200 day moving average price of $857.13. The firm has a market capitalization of $113.84 billion, a P/E ratio of 32.89, a PEG ratio of 3.03 and a beta of 1.23. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,034.96.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.11 by $0.54. The company had revenue of $5.17 billion for the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. Parker-Hannifin's revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.53 EPS. Sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin's dividend payout ratio is presently 26.26%.

Analyst Ratings Changes

PH has been the subject of a number of analyst reports. Citigroup upped their target price on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a "buy" rating in a report on Friday, January 30th. Robert W. Baird set a $1,050.00 price target on Parker-Hannifin in a report on Friday, January 30th. The Goldman Sachs Group reissued a "buy" rating on shares of Parker-Hannifin in a research report on Thursday, January 29th. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research note on Friday, January 30th. Finally, Wall Street Zen raised Parker-Hannifin from a "hold" rating to a "buy" rating in a research report on Wednesday, February 4th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Parker-Hannifin presently has an average rating of "Moderate Buy" and an average price target of $995.37.

Parker-Hannifin 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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