Assetmark Inc. Trims Holdings in Parker-Hannifin Corporation $PH

Assetmark Inc. reduced its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 36,760 shares of the industrial products company’s stock after selling 1,275 shares during the period. Assetmark Inc.’s holdings in Parker-Hannifin were worth $27,870,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its position in Parker-Hannifin by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 11,125,240 shares of the industrial products company’s stock valued at $7,770,646,000 after acquiring an additional 101,476 shares during the period. Procyon Advisors LLC grew its stake in shares of Parker-Hannifin by 158,565.9% in the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Parker-Hannifin by 1.8% in the second quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company’s stock valued at $1,638,556,000 after purchasing an additional 41,221 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Parker-Hannifin by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 2,194,687 shares of the industrial products company’s stock worth $1,533,177,000 after purchasing an additional 92,913 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Parker-Hannifin by 0.7% during the second quarter. JPMorgan Chase & Co. now owns 2,075,234 shares of the industrial products company’s stock worth $1,449,496,000 after purchasing an additional 14,534 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial set a $1,139.00 price objective on shares of Parker-Hannifin in a research note on Friday, January 30th. Weiss Ratings restated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Barclays boosted their target price on Parker-Hannifin from $990.00 to $1,020.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Argus reissued a “buy” rating and issued a $900.00 price target on shares of Parker-Hannifin in a report on Monday, November 10th. Finally, Susquehanna reaffirmed a “positive” rating and set a $1,000.00 price objective on shares of Parker-Hannifin in a report on Wednesday, November 12th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $990.47.

Parker-Hannifin Stock Up 1.9%

PH opened at $1,001.30 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. The company has a market cap of $126.38 billion, a price-to-earnings ratio of 36.52, a PEG ratio of 3.23 and a beta of 1.25. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $1,012.49. The business’s fifty day moving average is $920.62 and its two-hundred day moving average is $824.55.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.11 by $0.54. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.53 EPS. Analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be given a $1.80 dividend. The ex-dividend date is Friday, February 6th. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. Parker-Hannifin’s dividend payout ratio is currently 26.26%.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, CFO Todd M. Leombruno sold 2,062 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the transaction, the chief financial officer owned 20,610 shares of the company’s stock, valued at approximately $20,658,227.40. This trade represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Matthew A. Jacobson sold 564 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the sale, the vice president owned 1,000 shares in the company, valued at $949,940. This represents a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,551 shares of company stock worth $12,117,502. 0.32% of the stock is currently owned by insiders.

Parker-Hannifin Company Profile

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.