Kentucky Retirement Systems Insurance Trust Fund Cuts Stake in Parker-Hannifin Corporation (NYSE:PH)

Kentucky Retirement Systems Insurance Trust Fund decreased its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 29.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,721 shares of the industrial products company's stock after selling 1,564 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Parker-Hannifin were worth $2,262,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Global Retirement Partners LLC grew its position in Parker-Hannifin by 1.1% in the fourth quarter. Global Retirement Partners LLC now owns 1,392 shares of the industrial products company's stock valued at $886,000 after acquiring an additional 15 shares during the last quarter. FFT Wealth Management LLC lifted its holdings in Parker-Hannifin by 1.3% during the 4th quarter. FFT Wealth Management LLC now owns 1,150 shares of the industrial products company's stock worth $732,000 after buying an additional 15 shares during the period. GenTrust LLC lifted its stake in shares of Parker-Hannifin by 2.9% in the fourth quarter. GenTrust LLC now owns 524 shares of the industrial products company's stock worth $333,000 after acquiring an additional 15 shares during the period. First Manhattan CO. LLC. boosted its position in Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock valued at $1,005,000 after acquiring an additional 15 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its position in shares of Parker-Hannifin by 1.5% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock worth $689,000 after buying an additional 16 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now owns 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $11.35 during midday trading on Monday, hitting $664.08. The company's stock had a trading volume of 477,592 shares, compared to its average volume of 701,733. The stock has a fifty day moving average price of $636.98 and a 200 day moving average price of $642.20. The firm has a market capitalization of $84.86 billion, a price-to-earnings ratio of 25.57, a P/E/G ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $718.44. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business posted $6.51 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PH. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a research report on Friday, May 16th. Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Morgan Stanley initiated coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price target on the stock. Finally, Truist Financial reduced their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and a consensus price target of $719.71.

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.