VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Stake in Parker-Hannifin Corporation $PH

Key Points

• Virginia Retirement Systems acquired 6,040 Parker-Hannifin shares worth approximately $5.9 million during the second quarter. Institutional investors collectively own 82.44% of the company.
• Parker-Hannifin reported quarterly earnings of $9.27 per share, beating estimates by $0.96, while revenue rose 9.8% year over year to $5.75 billion.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $1,114.55; the company also declared a quarterly dividend of $2.00 per share.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 6,040 shares of the industrial products company's stock, valued at approximately $5,908,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System boosted its holdings in shares of Parker-Hannifin by 96,423.1% during the second quarter. California State Teachers Retirement System now owns 184,153,587 shares of the industrial products company's stock worth $180,124,307,000 after acquiring an additional 183,962,800 shares during the period. Washington Trust Advisors Inc. increased its stake in shares of Parker-Hannifin by 212.3% during the second quarter. Washington Trust Advisors Inc. now owns 178 shares of the industrial products company's stock worth $175,000 after purchasing an additional 121 shares during the period. Wedmont Private Capital lifted its holdings in Parker-Hannifin by 0.6% during the 2nd quarter. Wedmont Private Capital now owns 3,905 shares of the industrial products company's stock worth $3,754,000 after purchasing an additional 22 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Parker-Hannifin by 8.8% during the 2nd quarter. HB Wealth Management LLC now owns 10,423 shares of the industrial products company's stock worth $10,195,000 after purchasing an additional 846 shares during the last quarter. Finally, Nvest Financial LLC boosted its stake in Parker-Hannifin by 34.3% in the 2nd quarter. Nvest Financial LLC now owns 1,154 shares of the industrial products company's stock valued at $1,129,000 after purchasing an additional 295 shares during the period. Institutional investors own 82.44% of the company's stock.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 602 shares of Parker-Hannifin stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total value of $626,362.94. Following the transaction, the vice president owned 4,399 shares in the company, valued at $4,577,027.53. The trade was a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Performance

Shares of NYSE:PH opened at $956.22 on Wednesday. The company's 50 day simple moving average is $990.75 and its 200 day simple moving average is $948.51. The stock has a market capitalization of $120.53 billion, a price-to-earnings ratio of 33.56, a price-to-earnings-growth ratio of 2.62 and a beta of 1.13. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.26 and a quick ratio of 0.74. Parker-Hannifin Corporation has a 1 year low of $715.37 and a 1 year high of $1,099.94.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The firm had revenue of $5.75 billion during the quarter, compared to analysts' expectations of $5.57 billion. During the same period in the prior year, the company earned $7.69 earnings per share. The company's quarterly revenue was up 9.8% on a year-over-year basis. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. As a group, research analysts predict that Parker-Hannifin Corporation will post 35 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 31st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.00 annualized dividend and a yield of 0.8%. Parker-Hannifin's dividend payout ratio (DPR) is 28.08%.

Analysts Set New Price Targets

PH has been the subject of a number of research reports. Sanford C. Bernstein lifted their target price on Parker-Hannifin from $1,037.00 to $1,218.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Truist Financial lifted their price target on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a "buy" rating in a research report on Friday, August 7th. KeyCorp boosted their price target on Parker-Hannifin from $1,100.00 to $1,210.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. BMO Capital Markets restated an "outperform" rating and set a $1,214.00 price objective on shares of Parker-Hannifin in a research note on Friday, August 7th. Finally, Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $1,114.55.

Parker-Hannifin Profile

Parker-Hannifin Corporation NYSE: PH is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.

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