Parker-Hannifin Corporation $PH Stake Increased by Bank of America Corp DE

Key Points

• Bank of America raised its Q3 stake in Parker‑Hannifin by 0.6% to 3,904,591 shares (about a 3.09% stake) valued at roughly $2.96 billion, with institutional investors owning about 82.44% of the stock.
• Insider selling has accelerated recently: COO Andrew D. Ross and CFO Todd M. Leombruno sold shares on Feb. 11, and insiders have sold a total of 10,063 shares worth about $9.89 million in the last 90 days (insiders own ~0.32%).
• Parker‑Hannifin beat quarterly estimates (EPS $7.65 vs. $7.11 consensus; revenue $5.17B vs. $5.07B) and is viewed positively by analysts (16 Buys vs. 5 Holds) with an average target of $995.37 versus a recent share price near $890.28.

Bank of America Corp DE raised its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,904,591 shares of the industrial products company's stock after acquiring an additional 22,706 shares during the quarter. Bank of America Corp DE owned approximately 3.09% of Parker-Hannifin worth $2,960,266,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Parker-Hannifin by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 11,125,240 shares of the industrial products company's stock worth $7,770,646,000 after purchasing an additional 101,476 shares during the last quarter. Procyon Advisors LLC lifted its position in shares of Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company's stock worth $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Capital World Investors grew its stake in Parker-Hannifin by 7.0% in the third quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company's stock worth $1,959,166,000 after purchasing an additional 169,073 shares in the last quarter. Invesco Ltd. grew its stake in Parker-Hannifin by 1.8% in the second quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company's stock worth $1,638,556,000 after purchasing an additional 41,221 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Parker-Hannifin by 0.6% in the third quarter. Ameriprise Financial Inc. now owns 2,207,996 shares of the industrial products company's stock valued at $1,674,132,000 after buying an additional 13,309 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the sale, the chief operating officer directly owned 13,120 shares in the company, valued at $13,106,880. The trade was a 26.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of the company's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the sale, the chief financial officer directly owned 20,610 shares of the company's stock, valued at $20,658,227.40. The trade was a 9.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 10,063 shares of company stock worth $9,891,214 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on PH shares. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research note on Friday, January 30th. Stifel Nicolaus boosted their price target on Parker-Hannifin from $941.00 to $965.00 and gave the company a "hold" rating in a report on Friday, January 30th. Weiss Ratings reissued a "buy (b)" rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. The Goldman Sachs Group restated a "buy" rating on shares of Parker-Hannifin in a research note on Thursday, January 29th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an "overweight" rating in a report on Friday, January 30th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $995.37.

Parker-Hannifin Price Performance

Shares of NYSE:PH opened at $890.28 on Friday. The firm's 50 day moving average is $959.64 and its two-hundred day moving average is $858.78. The firm has a market capitalization of $112.37 billion, a P/E ratio of 32.47, a PEG ratio of 2.87 and a beta of 1.23. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,034.96.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the firm posted $6.53 earnings per share. The business's revenue was up 9.1% on a year-over-year basis. Analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin's payout ratio is 26.26%.

About Parker-Hannifin

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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