State of Tennessee Department of Treasury Has $30.78 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

State of Tennessee Department of Treasury cut its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 22.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,397 shares of the industrial products company's stock after selling 13,881 shares during the period. State of Tennessee Department of Treasury's holdings in Parker-Hannifin were worth $30,782,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Whipplewood Advisors LLC bought a new position in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new position in Parker-Hannifin during the fourth quarter worth $25,000. Millstone Evans Group LLC bought a new position in Parker-Hannifin during the fourth quarter worth $30,000. Bank of New Hampshire bought a new position in Parker-Hannifin during the fourth quarter worth $35,000. Finally, Kestra Investment Management LLC bought a new position in Parker-Hannifin during the fourth quarter worth $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Trading Up 0.1 %

PH stock traded up $0.87 during midday trading on Friday, hitting $597.68. The stock had a trading volume of 530,407 shares, compared to its average volume of 715,910. The firm has a market cap of $76.93 billion, a P/E ratio of 24.74, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39. 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 Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The business has a fifty day moving average price of $607.62 and a two-hundred day moving average price of $646.88.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) 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, sell-side analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be paid a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.20%. The ex-dividend date is Friday, May 9th. Parker-Hannifin's payout ratio is 29.80%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group reduced their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Evercore ISI raised their target price on shares of Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Wells Fargo & Company raised their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $691.00 to $564.00 and set a "hold" rating on the stock in a research note on Monday, April 14th. Finally, Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $705.35.

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.