Retirement Systems of Alabama Sells 833 Shares of Parker-Hannifin Corporation (NYSE:PH)

Retirement Systems of Alabama cut its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 83,362 shares of the industrial products company's stock after selling 833 shares during the quarter. Retirement Systems of Alabama owned 0.06% of Parker-Hannifin worth $50,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Whipplewood Advisors LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the 4th quarter worth about $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin in the 4th quarter worth about $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin during the 4th quarter valued at about $32,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin during the 4th quarter valued at about $40,000. 82.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PH. Morgan Stanley assumed coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price for the company. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Evercore ISI raised their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, Truist Financial decreased their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $652.45 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The company has a market cap of $83.37 billion, a PE ratio of 25.12, a P/E/G ratio of 3.04 and a beta of 1.34. The business has a 50-day simple moving average of $635.24 and a two-hundred day simple moving average of $643.27.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $6.51 earnings per share. As a group, equities analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.