Parker-Hannifin Corporation $PH Stock Holdings Lowered by Red Cedar Investment Management LLC

Key Points

• Red Cedar Investment Management cut its Parker-Hannifin stake by 22.2% in the third quarter, selling 2,042 shares and retaining 7,139 shares valued at about $6.8 million. Institutional investors collectively own 82.44% of the stock.
• Parker-Hannifin reported quarterly earnings of $8.90 per share, beating estimates of $8.21, while revenue rose 17.9% year over year to $5.99 billion.
• Analysts give the stock a consensus “Moderate Buy” rating and an average price target of $1,146.35. The company also declared a quarterly dividend of $2 per share, equal to an annualized yield of 0.8%.

Red Cedar Investment Management LLC lessened its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 22.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,139 shares of the industrial products company's stock after selling 2,042 shares during the period. Red Cedar Investment Management LLC's holdings in Parker-Hannifin were worth $6,821,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PH. Proficio Capital Partners LLC increased its position in Parker-Hannifin by 234.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 1,954 shares of the industrial products company's stock valued at $1,911,000 after buying an additional 1,369 shares in the last quarter. BNP Paribas boosted its holdings in Parker-Hannifin by 4.1% in the second quarter. BNP Paribas now owns 54,208 shares of the industrial products company's stock worth $52,717,000 after acquiring an additional 2,121 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Parker-Hannifin by 86.1% in the second quarter. Integrated Wealth Concepts LLC now owns 3,503 shares of the industrial products company's stock worth $3,426,000 after acquiring an additional 1,621 shares in the last quarter. National Pension Service boosted its holdings in Parker-Hannifin by 3.0% in the second quarter. National Pension Service now owns 367,138 shares of the industrial products company's stock worth $359,105,000 after acquiring an additional 10,590 shares in the last quarter. Finally, Rakuten Investment Management Inc. purchased a new stake in shares of Parker-Hannifin in the second quarter worth $19,883,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

PH stock opened at $955.99 on Tuesday. The stock has a market capitalization of $120.56 billion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 2.53 and a beta of 1.15. Parker-Hannifin Corporation has a 12-month low of $806.22 and a 12-month high of $1,099.94. 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's 50 day simple moving average is $945.56 and its 200 day simple moving average is $949.30.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, November 5th. The industrial products company reported $8.90 EPS for the quarter, beating the consensus estimate of $8.21 by $0.69. The business had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.81 billion. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%. The company's revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business posted $7.22 EPS. Parker-Hannifin has set its FY 2027 guidance at 36.450-37.250 EPS. As a group, research analysts forecast that Parker-Hannifin Corporation will post 37.06 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Stockholders of record on Friday, November 13th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, November 13th. Parker-Hannifin's dividend payout ratio is presently 27.47%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PH shares. BNP Paribas Exane raised their price target on Parker-Hannifin from $1,220.00 to $1,270.00 and gave the company an "outperform" rating in a report on Friday, September 18th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Parker-Hannifin in a research note on Monday. Evercore increased their price objective on shares of Parker-Hannifin from $1,064.00 to $1,217.00 and gave the company an "outperform" rating in a research report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Parker-Hannifin from $998.00 to $1,023.00 and gave the company a "hold" rating in a research report on Wednesday, September 30th. Finally, Robert W. Baird raised their price objective on shares of Parker-Hannifin from $1,050.00 to $1,275.00 in a research note on Friday, August 7th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $1,146.35.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the sale, the vice president directly owned 4,399 shares of the company's stock, valued at $4,577,027.53. This trade represents a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.35% of the stock is owned by company insiders.

Parker-Hannifin Company Profile

Parker-Hannifin is a global manufacturer of motion and control technologies. Its products include hydraulic and pneumatic systems, fluid connectors, filtration and sealing products, electromechanical components, and systems for aerospace and climate control applications.

The company serves customers across industries such as aerospace, manufacturing, transportation, energy, and life sciences. Its operations span markets around the world, with businesses organized around industrial and aerospace products and services.

Founded in 1917 by Arthur L.

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Corporation (NYSE:PH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.