Parker-Hannifin Corporation $PH Shares Acquired by State Street Corp

Key Points

• State Street increased its Parker-Hannifin stake by 0.5% in the second quarter, adding 42,548 shares to own 9.39 million shares worth approximately $9.18 billion, or 7.45% of the company.
• Institutional investors collectively own 82.44% of Parker-Hannifin, while insider ownership is 0.32%; a company vice president recently sold 602 shares for about $626,000.
• Analysts maintain a favorable outlook, with 17 Buy ratings and two Holds producing a “Moderate Buy” consensus and a $1,114.55 price target. The company also beat quarterly earnings and revenue estimates and pays an annualized $8.00 dividend.

State Street Corp increased its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,385,389 shares of the industrial products company's stock after buying an additional 42,548 shares during the quarter. State Street Corp owned about 7.45% of Parker-Hannifin worth $9,180,037,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at approximately $10,163,362,000. Bank of America Corp DE purchased a new stake in shares of Parker-Hannifin during the second quarter worth approximately $3,273,507,000. Norges Bank acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $1,756,230,000. Deutsche Bank AG acquired a new stake in shares of Parker-Hannifin during the second quarter worth $987,587,000. Finally, Bank of New York Mellon Corp purchased a new position in Parker-Hannifin in the 2nd quarter valued at $712,222,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the sale, the vice president owned 4,399 shares in the company, valued at $4,577,027.53. This represents a 12.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PH has been the subject of a number of analyst reports. Sanford C. Bernstein upped their price objective on shares of Parker-Hannifin from $1,037.00 to $1,218.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Susquehanna boosted their price target on shares of Parker-Hannifin from $1,100.00 to $1,250.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Parker-Hannifin in a report on Friday, July 17th. Stifel Nicolaus set a $1,075.00 price objective on shares of Parker-Hannifin in a research report on Friday, August 7th. Finally, Truist Financial lifted their price objective on Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a "buy" rating in a report on Friday, August 7th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $1,114.55.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $2.59 on Tuesday, reaching $960.76. 130,019 shares of the company were exchanged, compared to its average volume of 701,247. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. Parker-Hannifin Corporation has a 1-year low of $715.37 and a 1-year high of $1,099.94. The firm has a market cap of $121.10 billion, a price-to-earnings ratio of 33.72, a price-to-earnings-growth ratio of 2.94 and a beta of 1.13. The company has a 50-day moving average of $987.03 and a 200-day moving average of $943.84.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, beating the consensus estimate of $8.31 by $0.96. The firm had revenue of $5.75 billion during the quarter, compared to analysts' expectations of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the business earned $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Equities analysts forecast that Parker-Hannifin Corporation will post 34.95 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Monday, August 31st were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin's payout ratio is 28.08%.

About Parker-Hannifin

Parker-Hannifin Corporation NYSE: PH is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.

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