Stanley Laman Group Ltd. Reduces Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Stanley Laman Group Ltd. lowered its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 13.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,200 shares of the industrial products company's stock after selling 1,304 shares during the quarter. Stanley Laman Group Ltd.'s holdings in Parker-Hannifin were worth $4,984,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PH. Congress Asset Management Co. raised its holdings in Parker-Hannifin by 15.5% in the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company's stock valued at $121,292,000 after buying an additional 25,605 shares during the last quarter. HUB Investment Partners LLC raised its stake in shares of Parker-Hannifin by 15.7% during the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after acquiring an additional 1,057 shares during the last quarter. Congress Wealth Management LLC DE lifted its holdings in shares of Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after purchasing an additional 18,503 shares during the period. Washington Trust Bank grew its stake in shares of Parker-Hannifin by 3,019.5% in the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after purchasing an additional 15,037 shares during the last quarter. Finally, Ascent Wealth Partners LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at $1,216,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Stock Down 2.0%

PH traded down $13.14 during midday trading on Friday, reaching $653.73. 682,749 shares of the company were exchanged, compared to its average volume of 707,740. The company has a market cap of $83.53 billion, a price-to-earnings ratio of 27.06, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44. The company's fifty day moving average price is $625.79 and its 200 day moving average price is $644.91. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.51 EPS. As a group, analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Evercore ISI increased their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Morgan Stanley started coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price target on the stock. Truist Financial reduced their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Finally, Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $719.71.

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.