Retirement Systems of Alabama Sells 2,398 Shares of Parker-Hannifin Co. (NYSE:PH)

Retirement Systems of Alabama cut its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,203 shares of the industrial products company's stock after selling 2,398 shares during the period. Retirement Systems of Alabama owned approximately 0.08% of Parker-Hannifin worth $45,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management bought a new position in Parker-Hannifin during the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $26,000. Baystate Wealth Management LLC raised its stake in shares of Parker-Hannifin by 233.3% in the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 49 shares during the period. Oakworth Capital Inc. raised its stake in shares of Parker-Hannifin by 48.3% in the 3rd quarter. Oakworth Capital Inc. now owns 86 shares of the industrial products company's stock valued at $33,000 after purchasing an additional 28 shares during the period. Finally, ORG Partners LLC acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $42,000. 82.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PH. Truist Financial began coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a "buy" rating and a $602.00 price target on the stock. Stifel Nicolaus lifted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a "buy" rating in a research note on Wednesday, April 3rd. Barclays lifted their target price on Parker-Hannifin from $558.00 to $625.00 and gave the company an "overweight" rating in a research report on Tuesday, April 2nd. KeyCorp lifted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an "overweight" rating in a research report on Thursday, April 11th. Finally, Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an "outperform" rating in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and a consensus target price of $515.38.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $0.80 during trading on Monday, reaching $554.44. 534,624 shares of the stock were exchanged, compared to its average volume of 584,242. Parker-Hannifin Co. has a 12 month low of $318.32 and a 12 month high of $570.15. The firm has a market cap of $71.20 billion, a PE ratio of 27.45, a PEG ratio of 2.03 and a beta of 1.52. The stock has a 50-day moving average price of $543.95 and a 200-day moving average price of $479.82. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.26 by $0.89. The company had revenue of $4.82 billion during the quarter, compared to analysts' expectations of $4.82 billion. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business's revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.76 earnings per share. Research analysts expect that Parker-Hannifin Co. will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. Parker-Hannifin's payout ratio is 29.31%.

Insider Activity at Parker-Hannifin

In related news, COO Andrew D. Ross sold 3,904 shares of the business's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The sale was disclosed in a filing with the SEC, which is available at this link. In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the company's stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark J. Hart sold 5,197 shares of the company's stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the sale, the executive vice president now owns 7,063 shares of the company's stock, valued at $3,552,265.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,079 shares of company stock worth $6,099,566. Company insiders own 1.03% of the company's stock.

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.