Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Covea Finance

Covea Finance lowered its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,267 shares of the industrial products company's stock after selling 1,079 shares during the period. Covea Finance's holdings in Parker-Hannifin were worth $19,613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Whipplewood Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $32,000. Finally, Kestra Investment Management LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Trading Down 0.1%

Shares of PH stock opened at $651.73 on Friday. The business's 50 day moving average is $636.98 and its two-hundred day moving average is $642.93. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a market capitalization of $83.28 billion, a P/E ratio of 25.10, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. 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 earnings per share for the quarter, beating 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 company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the business posted $6.51 EPS. The company's revenue was down 2.2% on a year-over-year basis. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were paid a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now directly owns 2,083 shares in the company, valued at $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 available through this link. Company insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PH. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. KeyCorp raised their target price on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Finally, Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price 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.

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