Teachers Retirement System of The State of Kentucky Trims Stock Holdings in Parker-Hannifin Corporation $PH

Key Points

• Teachers Retirement System of Kentucky trimmed its stake in Parker‑Hannifin by 2.8% to 84,711 shares (about $74.46M), making PH its 17th largest holding.
• Parker‑Hannifin beat Q4 estimates with $7.65 EPS vs. $7.11 expected and 9.1% revenue growth, and raised its quarterly dividend to $2.00 (ex‑dividend May 8), implying an annualized $8.00 payout and a 0.8% yield.
• Insiders pared positions while institutions and analysts remain bullish: insiders sold roughly 10,063 shares (~$9.9M) last quarter, institutional ownership is ~82%, and the consensus rating is a "Moderate Buy" with a target near $1,000.60.

Teachers Retirement System of The State of Kentucky reduced its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,711 shares of the industrial products company's stock after selling 2,433 shares during the quarter. Parker-Hannifin comprises 0.6% of Teachers Retirement System of The State of Kentucky's investment portfolio, making the stock its 17th biggest position. Teachers Retirement System of The State of Kentucky owned about 0.07% of Parker-Hannifin worth $74,457,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Procyon Advisors LLC boosted its holdings in shares of Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company's stock worth $3,843,346,000 after acquiring an additional 5,066,179 shares during the period. Capital World Investors grew its position in shares of Parker-Hannifin by 7.0% in the third quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company's stock valued at $1,959,166,000 after purchasing an additional 169,073 shares in the last quarter. Lazard Freres Gestion S.A.S. bought a new stake in shares of Parker-Hannifin during the 3rd quarter valued at $103,284,000. California Public Employees Retirement System raised its stake in shares of Parker-Hannifin by 51.3% during the 3rd quarter. California Public Employees Retirement System now owns 336,247 shares of the industrial products company's stock valued at $254,926,000 after purchasing an additional 114,008 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in Parker-Hannifin during the 3rd quarter worth about $86,046,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $976.03 on Friday. The stock's 50-day simple moving average is $952.62 and its two-hundred day simple moving average is $895.99. Parker-Hannifin Corporation has a twelve month low of $583.89 and a twelve month high of $1,034.96. The firm has a market capitalization of $123.19 billion, a P/E ratio of 35.60, a P/E/G ratio of 3.14 and a beta of 1.25. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.During the same quarter in the prior year, the firm posted $6.53 earnings per share. The company's quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Parker-Hannifin Corporation will post 30.99 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Friday, May 8th will be given a dividend of $2.00 per share. The ex-dividend date is Friday, May 8th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.80. This represents a $8.00 annualized dividend and a yield of 0.8%. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.18%.

Insiders Place Their Bets

In other news, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the completion of the sale, the chief operating officer directly owned 13,120 shares of the company's stock, valued at approximately $13,106,880. The trade was a 26.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Todd M. Leombruno sold 2,062 shares of the company's stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the transaction, the chief financial officer owned 20,610 shares of the company's stock, valued at $20,658,227.40. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 10,063 shares of company stock worth $9,891,214. 0.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PH. JPMorgan Chase & Co. lifted their target price on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an "overweight" rating in a report on Friday, January 30th. KeyCorp reissued an "overweight" rating and issued a $1,100.00 price target on shares of Parker-Hannifin in a report on Friday, January 30th. Truist Financial set a $1,139.00 price objective on shares of Parker-Hannifin in a research report on Friday, January 30th. BMO Capital Markets began coverage on shares of Parker-Hannifin in a research note on Friday, March 27th. They set an "outperform" rating and a $1,090.00 price objective for the company. Finally, Citigroup upped their target price on shares of Parker-Hannifin from $1,092.00 to $1,137.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,000.60.

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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