BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Position in Parker-Hannifin Co. (NYSE:PH)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 22.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,693 shares of the industrial products company’s stock after acquiring an additional 15,506 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.07% of Parker-Hannifin worth $43,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PH. Kodai Capital Management LP purchased a new position in Parker-Hannifin during the fourth quarter valued at approximately $122,449,000. 1832 Asset Management L.P. lifted its stake in shares of Parker-Hannifin by 305.0% during the 1st quarter. 1832 Asset Management L.P. now owns 307,794 shares of the industrial products company’s stock valued at $171,069,000 after buying an additional 231,788 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock worth $383,594,000 after buying an additional 141,862 shares during the period. Groupama Asset Managment purchased a new stake in Parker-Hannifin in the 4th quarter worth $63,043,000. Finally, Congress Asset Management Co. MA raised its holdings in Parker-Hannifin by 503.9% during the first quarter. Congress Asset Management Co. MA now owns 156,196 shares of the industrial products company’s stock valued at $86,812,000 after acquiring an additional 130,331 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of PH opened at $618.66 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market cap of $79.52 billion, a P/E ratio of 29.15, a PEG ratio of 2.42 and a beta of 1.43. The firm’s 50 day moving average price is $572.71 and its 200 day moving average price is $548.45. Parker-Hannifin Co. has a fifty-two week low of $362.49 and a fifty-two week high of $627.30.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.08 EPS. On average, research analysts forecast that Parker-Hannifin Co. will post 26.63 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, August 28th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is presently 30.73%.

Insider Buying and Selling

In related news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total transaction of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at approximately $1,986,282. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PH shares. Truist Financial reaffirmed a “buy” rating and issued a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research note on Friday, August 9th. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Robert W. Baird boosted their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research note on Friday, August 9th. Evercore ISI raised their price objective on Parker-Hannifin from $620.00 to $656.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Finally, Barclays reduced their target price on Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $624.43.

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.