Charles Schwab Investment Management Inc. Lowers Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Charles Schwab Investment Management Inc. cut its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 2.4% in the 4th quarter, Holdings Channel reports. The fund owned 1,657,603 shares of the industrial products company’s stock after selling 40,744 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Parker-Hannifin were worth $746,117,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PH. Sapient Capital LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $1,392,000. abrdn plc boosted its stake in shares of Parker-Hannifin by 57.8% in the fourth quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock valued at $25,247,000 after buying an additional 20,073 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in Parker-Hannifin during the fourth quarter worth $3,305,000. 17 Capital Partners LLC purchased a new position in Parker-Hannifin in the fourth quarter worth $2,271,000. Finally, HMS Capital Management LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at $1,225,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Down 0.1 %

NYSE PH traded down $0.65 during trading on Tuesday, reaching $550.14. The company’s stock had a trading volume of 475,443 shares, compared to its average volume of 605,391. The company has a current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63. Parker-Hannifin Co. has a 1-year low of $319.14 and a 1-year high of $570.15. The business has a 50-day moving average price of $545.73 and a 200-day moving average price of $486.41. The stock has a market capitalization of $70.64 billion, a PE ratio of 25.93, a PEG ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.93 earnings per share. On average, research analysts forecast that Parker-Hannifin Co. will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be given a $1.63 dividend. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a dividend yield of 1.19%. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 27.90%.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now directly owns 4,200 shares in the company, valued at $2,305,170. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of research reports. Argus lifted their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday. Stifel Nicolaus upped their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Mizuho lifted their price objective on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday. Evercore ISI increased their price target on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Finally, TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average price target of $539.56.

About Parker-Hannifin

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.