BTC Capital Management Inc. Decreases Stake in Parker-Hannifin Corporation $PH

BTC Capital Management Inc. cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 6.7% in the 4th quarter, Holdings Channel reports. The fund owned 8,221 shares of the industrial products company’s stock after selling 591 shares during the period. BTC Capital Management Inc.’s holdings in Parker-Hannifin were worth $7,238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PH. ING Groep NV acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at approximately $26,398,000. Procyon Advisors LLC grew its position in shares of Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after buying an additional 5,066,179 shares in the last quarter. Citigroup Inc. increased its stake in shares of Parker-Hannifin by 54.7% in the third quarter. Citigroup Inc. now owns 158,668 shares of the industrial products company’s stock worth $120,294,000 after buying an additional 56,103 shares during the last quarter. Wilkinson Global Asset Management LLC increased its stake in shares of Parker-Hannifin by 28.2% in the third quarter. Wilkinson Global Asset Management LLC now owns 48,434 shares of the industrial products company’s stock worth $36,720,000 after buying an additional 10,653 shares during the last quarter. Finally, Advisors Capital Management LLC raised its holdings in Parker-Hannifin by 140.0% in the third quarter. Advisors Capital Management LLC now owns 2,232 shares of the industrial products company’s stock valued at $1,693,000 after acquiring an additional 1,302 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total value of $4,659,336.00. Following the sale, the chief operating officer directly owned 13,120 shares in the company, valued at $13,106,880. This trade represents a 26.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Dinu J. Parel sold 1,316 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the transaction, the vice president directly owned 6,534 shares of the company’s stock, valued at $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 10,063 shares of company stock worth $9,891,214. 0.32% of the stock is owned by company insiders.

Parker-Hannifin Trading Up 3.7%

NYSE:PH opened at $893.69 on Wednesday. The firm has a market capitalization of $112.80 billion, a P/E ratio of 32.59, a P/E/G ratio of 2.77 and a beta of 1.23. The business has a 50 day simple moving average of $952.57 and a 200 day simple moving average of $871.21. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $1,034.96.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.Parker-Hannifin’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period last year, the firm earned $6.53 EPS. Equities research analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, February 6th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.26%.

Analysts Set New Price Targets

A number of research analysts have commented on PH shares. Citigroup increased their price objective on shares of Parker-Hannifin from $1,074.00 to $1,092.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Truist Financial set a $1,139.00 target price on shares of Parker-Hannifin in a research note on Friday, January 30th. BNP Paribas Exane assumed coverage on shares of Parker-Hannifin in a research report on Thursday, December 4th. They set an “outperform” rating and a $1,020.00 price target on the stock. Jefferies Financial Group lifted their price target on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $1,000.10.

Parker-Hannifin 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.