Parker-Hannifin Co. (NYSE:PH) Stake Reduced by Bridges Investment Management Inc.

Bridges Investment Management Inc. decreased its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,612 shares of the industrial products company’s stock after selling 608 shares during the period. Bridges Investment Management Inc.’s holdings in Parker-Hannifin were worth $11,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Franklin Resources Inc. boosted its position in shares of Parker-Hannifin by 39.2% in the 3rd quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company’s stock valued at $415,409,000 after purchasing an additional 181,859 shares during the period. Howard Capital Management Group LLC purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $23,390,000. SG Americas Securities LLC boosted its holdings in shares of Parker-Hannifin by 752.5% in the fourth quarter. SG Americas Securities LLC now owns 24,381 shares of the industrial products company’s stock worth $15,507,000 after buying an additional 21,521 shares during the period. Columbus Macro LLC increased its position in shares of Parker-Hannifin by 485.2% in the fourth quarter. Columbus Macro LLC now owns 10,751 shares of the industrial products company’s stock worth $6,838,000 after acquiring an additional 8,914 shares in the last quarter. Finally, Congress Asset Management Co. raised its holdings in shares of Parker-Hannifin by 15.5% during the fourth quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company’s stock valued at $121,292,000 after acquiring an additional 25,605 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PH. Truist Financial boosted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company increased their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Citigroup started coverage on Parker-Hannifin in a research report on Friday, February 7th. They set a “buy” rating and a $795.00 price objective for the company. Jefferies Financial Group upped their target price on Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $739.06.

Parker-Hannifin Trading Up 2.3 %

PH stock opened at $670.07 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The stock has a market capitalization of $86.25 billion, a price-to-earnings ratio of 27.73, a P/E/G ratio of 2.85 and a beta of 1.45. The business has a fifty day moving average price of $666.19 and a 200 day moving average price of $649.15. Parker-Hannifin Co. has a fifty-two week low of $492.71 and a fifty-two week high of $718.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.99%.

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.