Keybank National Association OH Sells 23,709 Shares of Parker-Hannifin Corporation (NYSE:PH)

Keybank National Association OH lessened its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 482,017 shares of the industrial products company's stock after selling 23,709 shares during the quarter. Parker-Hannifin comprises approximately 1.2% of Keybank National Association OH's investment portfolio, making the stock its 17th biggest holding. Keybank National Association OH owned approximately 0.37% of Parker-Hannifin worth $292,994,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PH. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin during the 4th quarter worth about $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $32,000. Meeder Asset Management Inc. boosted its stake in Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 45 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $48,000. 82.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Barclays decreased their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company lifted their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley began coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price objective for the company. Truist Financial cut their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, KeyCorp increased their target price on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and a consensus target price of $719.41.

Parker-Hannifin Stock Up 0.9%

PH traded up $6.69 on Thursday, hitting $718.15. 138,732 shares of the company were exchanged, compared to its average volume of 695,481. The stock's fifty day moving average is $657.13 and its 200-day moving average is $643.14. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $720.63. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The company has a market cap of $91.76 billion, a PE ratio of 27.66, a PEG ratio of 3.03 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share 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 analyst estimates of $4.99 billion. During the same quarter in the previous year, the firm earned $6.51 EPS. The business's quarterly revenue was down 2.2% on a year-over-year basis. Equities research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. The ex-dividend date was Friday, May 9th. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.00%. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 sale, the vice president directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.39% of the stock is currently owned by corporate insiders.

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.