Crossmark Global Holdings Inc. Decreases Holdings in Parker-Hannifin Corporation (NYSE:PH)

Crossmark Global Holdings Inc. reduced its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 13.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,682 shares of the industrial products company's stock after selling 2,576 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Parker-Hannifin were worth $10,140,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Washington Trust Bank increased its holdings in shares of Parker-Hannifin by 6.4% during the first quarter. Washington Trust Bank now owns 16,535 shares of the industrial products company's stock valued at $10,051,000 after acquiring an additional 1,000 shares in the last quarter. Fullcircle Wealth LLC increased its holdings in shares of Parker-Hannifin by 18.6% during the first quarter. Fullcircle Wealth LLC now owns 369 shares of the industrial products company's stock valued at $220,000 after acquiring an additional 58 shares in the last quarter. U.S. Capital Wealth Advisors LLC increased its holdings in shares of Parker-Hannifin by 4.7% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 6,514 shares of the industrial products company's stock valued at $3,960,000 after acquiring an additional 294 shares in the last quarter. Callan Capital LLC bought a new stake in shares of Parker-Hannifin during the first quarter valued at approximately $250,000. Finally, TD Private Client Wealth LLC increased its holdings in shares of Parker-Hannifin by 181.1% during the first quarter. TD Private Client Wealth LLC now owns 3,972 shares of the industrial products company's stock valued at $2,414,000 after acquiring an additional 2,559 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Truist Financial decreased their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Argus set a $680.00 price target on Parker-Hannifin in a report on Tuesday, May 6th. Mizuho set a $785.00 price objective on Parker-Hannifin in a research note on Friday, May 16th. Finally, KeyCorp upped their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $723.82.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $8.14 during trading on Thursday, reaching $715.73. 239,177 shares of the stock traded hands, compared to its average volume of 696,636. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $720.90. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The company has a 50-day moving average of $668.34 and a 200-day moving average of $645.14. The stock has a market capitalization of $91.46 billion, a P/E ratio of 27.56, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $4.99 billion. During the same period in the previous year, the company posted $6.51 EPS. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. Analysts forecast 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. Investors of record on Friday, May 9th were paid a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is presently 27.72%.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Profile

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.