Parker-Hannifin Corporation (NYSE:PH) Holdings Trimmed by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 12.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,432 shares of the industrial products company's stock after selling 7,279 shares during the period. Allspring Global Investments Holdings LLC's holdings in Parker-Hannifin were worth $30,147,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Brighton Jones LLC grew its stake in Parker-Hannifin by 5.9% in the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after purchasing an additional 101 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in Parker-Hannifin by 0.8% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after purchasing an additional 55 shares in the last quarter. SVB Wealth LLC acquired a new position in Parker-Hannifin in the fourth quarter worth about $496,000. Smartleaf Asset Management LLC lifted its holdings in Parker-Hannifin by 22.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,297 shares of the industrial products company's stock worth $827,000 after acquiring an additional 237 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Parker-Hannifin in the fourth quarter worth about $57,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

NYSE:PH traded up $4.98 during midday trading on Tuesday, hitting $703.45. 720,176 shares of the stock were exchanged, compared to its average volume of 697,494. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $718.44. The company has a market capitalization of $89.89 billion, a price-to-earnings ratio of 27.09, a P/E/G ratio of 3.27 and a beta of 1.34. The business has a 50-day moving average price of $651.78 and a two-hundred day moving average price of $642.24. 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 announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.51 earnings per share. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.02%. Parker-Hannifin's payout ratio is 27.72%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PH shares. Evercore ISI raised their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. KeyCorp raised their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Morgan Stanley started coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price on the stock. Barclays cut their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $719.41.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin 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 transaction, the vice president 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 SEC, which can be accessed through this hyperlink. Company insiders own 0.39% of the company's stock.

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.