New York State Common Retirement Fund Has $99.99 Million Stock Position in Parker-Hannifin Corporation (NYSE:PH)

New York State Common Retirement Fund reduced its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 164,490 shares of the industrial products company's stock after selling 1,400 shares during the period. New York State Common Retirement Fund owned 0.13% of Parker-Hannifin worth $99,985,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. HUB Investment Partners LLC grew its position in shares of Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after acquiring an additional 1,057 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Parker-Hannifin by 27.2% during the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock worth $18,850,000 after buying an additional 6,630 shares during the period. Congress Wealth Management LLC DE boosted its holdings in shares of Parker-Hannifin by 67.8% during the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after buying an additional 18,503 shares during the period. Alley Investment Management Company LLC bought a new stake in shares of Parker-Hannifin during the 1st quarter worth about $7,996,000. Finally, Washington Trust Bank boosted its holdings in shares of Parker-Hannifin by 3,019.5% during the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after buying an additional 15,037 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock traded down $3.81 on Tuesday, reaching $708.28. 347,712 shares of the stock were exchanged, compared to its average volume of 692,716. The firm's 50 day moving average is $674.22 and its 200-day moving average is $646.44. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $720.90. 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 firm has a market cap of $90.50 billion, a PE ratio of 27.27, a P/E/G ratio of 3.06 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the firm posted $6.51 EPS. The firm's quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts anticipate 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 $1.80 dividend. This is an increase 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 dividend payout ratio is presently 27.72%.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the 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 owned 2,083 shares of the company's stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on PH shares. Barclays lifted their target price on shares of Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Truist Financial reduced their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Morgan Stanley boosted their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Finally, Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Parker-Hannifin has a consensus rating of "Moderate Buy" and an average price target of $739.12.

Parker-Hannifin Company 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.