Teachers Retirement System of The State of Kentucky Trims Stake in Parker-Hannifin Co. (NYSE:PH)

Teachers Retirement System of The State of Kentucky cut its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 12.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 145,738 shares of the industrial products company’s stock after selling 21,481 shares during the period. Parker-Hannifin comprises about 0.7% of Teachers Retirement System of The State of Kentucky’s investment portfolio, making the stock its 16th biggest position. Teachers Retirement System of The State of Kentucky owned approximately 0.11% of Parker-Hannifin worth $73,716,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Gilbert & Cook Inc. boosted its holdings in Parker-Hannifin by 5.0% in the 4th quarter. Gilbert & Cook Inc. now owns 1,031 shares of the industrial products company’s stock worth $475,000 after buying an additional 49 shares during the period. Steward Partners Investment Advisory LLC raised its stake in Parker-Hannifin by 77.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,377 shares of the industrial products company’s stock valued at $1,095,000 after purchasing an additional 1,041 shares during the period. Scotia Capital Inc. lifted its holdings in Parker-Hannifin by 7.2% in the 4th quarter. Scotia Capital Inc. now owns 2,097 shares of the industrial products company’s stock worth $966,000 after purchasing an additional 141 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Parker-Hannifin by 9.2% in the 4th quarter. Jones Financial Companies Lllp now owns 723 shares of the industrial products company’s stock worth $333,000 after purchasing an additional 61 shares during the period. Finally, NEOS Investment Management LLC grew its holdings in Parker-Hannifin by 65.3% during the 4th quarter. NEOS Investment Management LLC now owns 2,614 shares of the industrial products company’s stock valued at $1,204,000 after buying an additional 1,033 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Down 0.2 %

Shares of PH opened at $631.82 on Tuesday. The firm has a fifty day moving average price of $580.24 and a 200-day moving average price of $551.69. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $81.21 billion, a P/E ratio of 29.77, a P/E/G ratio of 2.54 and a beta of 1.43. Parker-Hannifin Co. has a 12-month low of $362.49 and a 12-month high of $639.87.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data 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 company had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $6.08 EPS. Equities research analysts expect that Parker-Hannifin Co. will post 26.63 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Wednesday, August 28th were issued a $1.63 dividend. The ex-dividend date was Wednesday, August 28th. This represents a $6.52 annualized dividend and a dividend yield of 1.03%. Parker-Hannifin’s payout ratio is currently 30.73%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. TD Cowen upped their target price on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Truist Financial restated a “buy” rating and set a $673.00 price objective (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Wells Fargo & Company lifted their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Robert W. Baird raised their price target on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $624.43.

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.