Parker-Hannifin Corporation (NYSE:PH) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 20.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,790 shares of the industrial products company's stock after selling 6,329 shares during the quarter. Teacher Retirement System of Texas' holdings in Parker-Hannifin were worth $15,069,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at about $32,000. Meeder Asset Management Inc. boosted its holdings in Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after acquiring an additional 45 shares during the period. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $48,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on PH. Citigroup cut their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Truist Financial decreased 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. Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Mizuho set a $785.00 price target on Parker-Hannifin in a report on Friday, May 16th. Finally, Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $719.41.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of the business's stock in a transaction 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. The trade was a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Price Performance

PH stock opened at $719.15 on Friday. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $720.90. The stock has a 50-day moving average price of $662.00 and a two-hundred day moving average price of $643.82. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The company has a market cap of $91.89 billion, a PE ratio of 27.69, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 26.80% and a net margin of 17.14%. The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.51 earnings per share. As a group, research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's payout ratio is currently 27.72%.

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.

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