Principal Financial Group Inc. Sells 73,750 Shares of Parker-Hannifin Corporation (NYSE:PH)

Principal Financial Group Inc. reduced its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 625,980 shares of the industrial products company's stock after selling 73,750 shares during the period. Principal Financial Group Inc. owned about 0.49% of Parker-Hannifin worth $380,502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of PH. HUB Investment Partners LLC raised its stake in Parker-Hannifin by 15.7% in the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after buying an additional 1,057 shares in the last quarter. SG Americas Securities LLC increased its position in 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 purchasing an additional 6,630 shares during the period. Congress Wealth Management LLC DE increased its position in 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 purchasing an additional 18,503 shares during the period. Washington Trust Bank increased its position in 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 purchasing an additional 15,037 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Parker-Hannifin by 7.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company's stock worth $42,801,000 after acquiring an additional 4,668 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's 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 directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

PH has been the topic of a number of recent research reports. Evercore ISI upped their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company increased their price target on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $719.41.

Parker-Hannifin Stock Up 1.1%

Parker-Hannifin stock traded up $7.69 during mid-day trading on Thursday, reaching $719.15. The company's stock had a trading volume of 360,526 shares, compared to its average volume of 697,327. The company has a market capitalization of $91.89 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 3.07 and a beta of 1.34. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $720.63. The business's 50 day simple moving average is $657.13 and its 200 day simple moving average is $643.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $6.51 EPS. As a group, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current 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 of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.00%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

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.