South Dakota Investment Council Lowers Position in Parker-Hannifin Corporation $PH

Key Points

• South Dakota Investment Council trimmed its position in Parker-Hannifin by 47.2% in Q3, selling 2,491 shares and leaving 2,791 shares valued at about $2.12 million; institutional investors still own 82.44% of the stock.
• Parker-Hannifin beat earnings with Q EPS of $7.65 versus $7.11 expected and revenue of $5.17B (up 9.1% YoY), and declared a quarterly dividend of $1.80 per share (annualized $7.20, yield ~0.7%).
• Company insiders sold significant stock this quarter — the COO sold 4,664 shares (~$4.66M) and the CFO sold 2,062 shares (~$2.07M), with insiders selling 12,551 shares totaling about $12.12 million.

South Dakota Investment Council trimmed its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 47.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,791 shares of the industrial products company's stock after selling 2,491 shares during the quarter. South Dakota Investment Council's holdings in Parker-Hannifin were worth $2,116,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new stake in Parker-Hannifin in the third quarter worth $29,000. Valley Wealth Managers Inc. bought a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $36,000. State of Wyoming purchased a new stake in shares of Parker-Hannifin in the 2nd quarter worth about $38,000. Sagard Holdings Management Inc. purchased a new stake in shares of Parker-Hannifin in the 2nd quarter worth about $46,000. Finally, Financial Consulate Inc. purchased a new position in Parker-Hannifin during the 3rd quarter valued at about $47,000. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

PH opened at $986.90 on Thursday. The company's 50-day simple moving average is $953.78 and its two-hundred day simple moving average is $849.82. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $1,034.96. The stock has a market capitalization of $124.56 billion, a P/E ratio of 35.99, a P/E/G ratio of 3.18 and a beta of 1.23. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18.

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

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin's dividend payout ratio is presently 26.26%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Robert W. Baird set a $1,050.00 price objective on shares of Parker-Hannifin in a report on Friday, January 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Truist Financial set a $1,139.00 target price on Parker-Hannifin in a report on Friday, January 30th. Jefferies Financial Group lifted their price target on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a "buy" rating in a research report on Friday, January 30th. Finally, iA Financial set a $1,032.00 price target on shares of Parker-Hannifin in a research note on Thursday, January 29th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $995.37.

Insider Transactions at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the sale, the chief operating officer owned 13,120 shares of the company's stock, valued at $13,106,880. The trade was a 26.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Todd M. Leombruno sold 2,062 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the completion of the transaction, the chief financial officer directly owned 20,610 shares in the company, valued at approximately $20,658,227.40. This represents a 9.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 12,551 shares of company stock worth $12,117,502. Company insiders own 0.32% of the company's stock.

Parker-Hannifin Company Profile

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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