Parker-Hannifin Corporation $PH Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Parker-Hannifin stake by 37.1% in the third quarter, selling 76,681 shares and retaining 129,803 shares valued at approximately $124 million.
• Wall Street remains broadly bullish: 18 analysts rate the stock a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $1,149.52.
• Parker-Hannifin recently exceeded quarterly earnings expectations, reporting $9.27 in EPS and $5.75 billion in revenue, while declaring a quarterly dividend of $2 per share.

Assenagon Asset Management S.A. reduced its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 37.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 129,803 shares of the industrial products company's stock after selling 76,681 shares during the period. Assenagon Asset Management S.A. owned 0.10% of Parker-Hannifin worth $124,016,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Polaris Financial Partners acquired a new stake in Parker-Hannifin in the 3rd quarter valued at about $26,000. Archer Investment Corp acquired a new stake in Parker-Hannifin during the 2nd quarter valued at $28,000. NFSG Corp lifted its holdings in Parker-Hannifin by 94.4% during the 1st quarter. NFSG Corp now owns 35 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 17 shares during the last quarter. Bell Investment Advisors Inc acquired a new position in shares of Parker-Hannifin in the second quarter valued at $35,000. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Parker-Hannifin by 76.0% in the first quarter. Brown Lisle Cummings Inc. now owns 44 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 19 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 602 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the sale, the vice president owned 4,399 shares of the company's stock, valued at approximately $4,577,027.53. The trade was a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on PH shares. The Goldman Sachs Group lifted their target price on shares of Parker-Hannifin from $1,071.00 to $1,165.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Sanford C. Bernstein increased their target price on Parker-Hannifin from $1,037.00 to $1,218.00 and gave the stock an "outperform" rating in a research note on Friday, August 14th. UBS Group set a $950.00 price target on Parker-Hannifin in a report on Wednesday. Susquehanna lifted their price target on Parker-Hannifin from $1,100.00 to $1,250.00 and gave the stock a "positive" rating in a report on Friday, August 7th. Finally, BMO Capital Markets restated an "outperform" rating and issued a $1,214.00 price target (up from $1,068.00) on shares of Parker-Hannifin in a research note on Friday, August 7th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and a consensus price target of $1,149.52.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $963.35 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.74 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $121.49 billion, a PE ratio of 29.77, a PEG ratio of 2.69 and a beta of 1.12. The firm has a 50 day moving average of $980.15 and a 200-day moving average of $949.99. Parker-Hannifin Corporation has a 12 month low of $722.12 and a 12 month high of $1,099.94.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $8.31 by $0.96. The business had revenue of $5.75 billion for 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 firm's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, equities research analysts predict that Parker-Hannifin Corporation will post 35.56 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

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

Parker-Hannifin Profile

Parker-Hannifin Corporation is a diversified manufacturer of motion and control technologies. The company develops and produces components and systems that manage the movement and control of liquids, gases and mechanical force across industrial, mobile and aerospace applications.

Its product portfolio includes hydraulic and pneumatic systems, electromechanical technologies, filtration and fluid-management equipment, seals and shielding products, connectors, pumps, valves, sensors, thermal-management solutions and related engineered systems.

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