Teachers Retirement System of The State of Kentucky Purchases 4,518 Shares of Parker-Hannifin Corporation (NYSE:PH)

Teachers Retirement System of The State of Kentucky lifted its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 94,056 shares of the industrial products company's stock after purchasing an additional 4,518 shares during the quarter. Parker-Hannifin comprises approximately 0.5% of Teachers Retirement System of The State of Kentucky's portfolio, making the stock its 28th largest holding. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Parker-Hannifin worth $57,172,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Parker-Hannifin by 5.9% in the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock worth $1,150,000 after acquiring an additional 101 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in Parker-Hannifin by 0.8% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock valued at $4,617,000 after buying an additional 55 shares during the period. Whittier Trust Co. boosted its position in Parker-Hannifin by 13.8% during the fourth quarter. Whittier Trust Co. now owns 3,226 shares of the industrial products company's stock valued at $2,052,000 after buying an additional 392 shares during the period. Lee Danner & Bass Inc. purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $106,000. Finally, Wayfinding Financial LLC purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $232,000. Institutional investors own 82.44% of the company's stock.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the transaction, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PH shares. Citigroup restated a "buy" rating and set a $831.00 price target (up from $709.00) on shares of Parker-Hannifin in a research report on Monday, July 14th. Truist Financial cut their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Barclays upped their price target on shares of Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Finally, Morgan Stanley increased their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $739.12.

Parker-Hannifin Price Performance

PH stock opened at $722.53 on Friday. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $727.30. The company has a market cap of $92.32 billion, a P/E ratio of 27.82, a PEG ratio of 3.11 and a beta of 1.34. The firm has a 50-day moving average of $680.98 and a 200 day moving average of $648.59. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

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

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio is presently 27.72%.

About Parker-Hannifin

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.

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