Washington Trust Bank Sells 2,013 Shares of Parker-Hannifin Corporation $PH

Key Points

• Washington Trust Bank reduced its Parker-Hannifin stake by 11.3% in the fourth quarter, selling 2,013 shares and leaving it with 15,818 shares valued at about $13.9 million.
• Parker-Hannifin posted stronger-than-expected quarterly results, with EPS of $8.17 versus the $7.84 estimate and revenue of $5.49 billion, up 10.6% from a year ago.
• The company raised its quarterly dividend to $2.00 per share from $1.80, while analysts remain broadly positive with a consensus Moderate Buy rating and an average price target of $1,022.30.

Washington Trust Bank lessened its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 11.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,818 shares of the industrial products company's stock after selling 2,013 shares during the quarter. Parker-Hannifin makes up approximately 1.0% of Washington Trust Bank's holdings, making the stock its 29th biggest holding. Washington Trust Bank's holdings in Parker-Hannifin were worth $13,903,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Texas Capital Bancshares Inc TX bought a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $25,000. Chilton Capital Management LLC bought a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $29,000. Ameriflex Group Inc. boosted its stake in shares of Parker-Hannifin by 366.7% in the 3rd quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 33 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its stake in shares of Parker-Hannifin by 80.0% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 36 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 16 shares during the last quarter. Finally, Morse Asset Management Inc boosted its stake in shares of Parker-Hannifin by 164.7% in the 3rd quarter. Morse Asset Management Inc now owns 45 shares of the industrial products company's stock valued at $34,000 after purchasing an additional 28 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

NYSE PH opened at $875.14 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 1.13 and a debt-to-equity ratio of 0.46. Parker-Hannifin Corporation has a 12-month low of $637.21 and a 12-month high of $1,034.96. The company has a market capitalization of $110.46 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 2.81 and a beta of 1.18. The firm's 50 day moving average is $934.84 and its 200-day moving average is $908.24.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $8.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.84 by $0.33. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The company had revenue of $5.49 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the company earned $6.94 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. Parker-Hannifin has set its FY 2026 guidance at 31.200-31.200 EPS. Equities research analysts anticipate that Parker-Hannifin Corporation will post 31.18 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Investors of record on Friday, May 8th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, May 8th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.80. This represents a $8.00 dividend on an annualized basis and a yield of 0.9%. Parker-Hannifin's dividend payout ratio is presently 29.51%.

Insiders Place Their Bets

In related news, CFO Todd M. Leombruno sold 2,062 shares of the business's stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the transaction, the chief financial officer directly owned 20,610 shares in the company, valued at approximately $20,658,227.40. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew D. Ross sold 4,664 shares of the business's stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the transaction, the chief operating officer owned 13,120 shares in the company, valued at approximately $13,106,880. The trade was a 26.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $1,050.00 to $980.00 and set an "overweight" rating for the company in a report on Wednesday, April 1st. Mizuho set a $1,050.00 target price on shares of Parker-Hannifin in a report on Friday, May 1st. JPMorgan Chase & Co. cut their target price on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. Truist Financial set a $1,147.00 target price on shares of Parker-Hannifin in a report on Friday, May 1st. Finally, Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $965.00 to $1,000.00 and gave the stock a "hold" rating in a report on Friday, April 10th. Seventeen 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 stock presently has an average rating of "Moderate Buy" and an average target price of $1,022.30.

About Parker-Hannifin

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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