Parker-Hannifin Corporation $PH Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth reduced its Parker-Hannifin stake by 19.4% in the second quarter, selling 40,732 shares and retaining 168,846 shares valued at approximately $165.2 million. Institutional investors collectively own 82.44% of the company.
• Analyst sentiment remains positive: 17 analysts rate PH a Buy and two rate it Hold, while several firms raised their price targets. The stock has an average target of $1,114.55.
• Parker-Hannifin reported quarterly earnings of $9.27 per share, beating estimates by $0.96, while revenue rose 9.8% year over year to $5.75 billion. The company also pays a quarterly dividend of $2.00 per share, an annualized yield of approximately 0.8%.

Corient Private Wealth LP cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 19.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 168,846 shares of the industrial products company's stock after selling 40,732 shares during the quarter. Corient Private Wealth LP owned approximately 0.13% of Parker-Hannifin worth $165,154,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PH. Amundi lifted its stake in Parker-Hannifin by 2.9% in the second quarter. Amundi now owns 642,969 shares of the industrial products company's stock valued at $628,901,000 after buying an additional 17,910 shares during the last quarter. Groupe la Francaise increased its stake in shares of Parker-Hannifin by 41.8% in the second quarter. Groupe la Francaise now owns 58,616 shares of the industrial products company's stock valued at $57,350,000 after purchasing an additional 17,275 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Parker-Hannifin in the second quarter valued at approximately $5,908,000. California State Teachers Retirement System raised its holdings in shares of Parker-Hannifin by 96,423.1% during the second quarter. California State Teachers Retirement System now owns 184,153,587 shares of the industrial products company's stock valued at $180,124,307,000 after buying an additional 183,962,800 shares during the last quarter. Finally, Washington Trust Advisors Inc. boosted its position in shares of Parker-Hannifin by 212.3% during the second quarter. Washington Trust Advisors Inc. now owns 178 shares of the industrial products company's stock worth $175,000 after buying an additional 121 shares during the period. Institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

PH has been the topic of a number of recent analyst reports. 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 report on Friday, August 7th. Sanford C. Bernstein lifted their price target 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. Truist Financial raised their target price on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the stock a "buy" rating in a report on Friday, August 7th. KeyCorp boosted their price target on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Finally, Citigroup raised their price objective on shares of Parker-Hannifin from $1,141.00 to $1,232.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and an average price target of $1,114.55.

Insider Buying and Selling

In related news, VP Berend Bracht sold 602 shares of the company'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 completion of the transaction, the vice president directly 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 document filed with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Up 1.7%

Parker-Hannifin stock opened at $950.36 on Friday. The company has a market capitalization of $119.79 billion, a P/E ratio of 33.36, a P/E/G ratio of 2.54 and a beta of 1.13. Parker-Hannifin Corporation has a 1-year low of $715.37 and a 1-year high of $1,099.94. The firm's fifty day simple moving average is $989.63 and its 200-day simple moving average is $947.48. 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 (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share for the quarter, beating the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The company had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same period last year, the company earned $7.69 earnings per share. The business's revenue was up 9.8% compared to the same quarter last year. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Sell-side analysts forecast that Parker-Hannifin Corporation will post 35 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

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