Pinebridge Investments L.P. Has $5.59 Million Stake in Parker-Hannifin Co. (NYSE:PH)

Pinebridge Investments L.P. lessened its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 74.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,784 shares of the industrial products company's stock after selling 25,204 shares during the quarter. Pinebridge Investments L.P.'s holdings in Parker-Hannifin were worth $5,587,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PH. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $30,000. Bank of New Hampshire acquired a new stake in shares of Parker-Hannifin in the 4th quarter valued at $35,000. Finally, Kestra Investment Management LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter worth $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PH. Citigroup reduced their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Truist Financial lowered their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Evercore ISI boosted their price objective on Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Stifel Nicolaus dropped their target price on Parker-Hannifin from $691.00 to $564.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Finally, UBS Group reduced their price target on Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating on the stock in a report on Friday, January 31st. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $705.35.

Parker-Hannifin Trading Down 1.2 %

PH stock traded down $7.52 during mid-day trading on Wednesday, reaching $595.22. The company's stock had a trading volume of 251,831 shares, compared to its average volume of 714,384. The company has a market cap of $76.62 billion, a price-to-earnings ratio of 24.64, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The business's 50 day moving average price is $603.68 and its 200 day moving average price is $646.30. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. On average, equities research analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 29.80%.

Parker-Hannifin Company 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.