Pinebridge Investments L.P. Trims Position in Parker-Hannifin Co. (NYSE:PH)

Pinebridge Investments L.P. reduced its holdings in Parker-Hannifin Co. (NYSE:PH) by 74.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,784 shares of the industrial products company’s stock after selling 25,204 shares during the period. Pinebridge Investments L.P.’s holdings in Parker-Hannifin were worth $5,587,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Whipplewood Advisors LLC purchased a new stake in Parker-Hannifin in the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin during the fourth quarter worth $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin during the fourth quarter valued at $30,000. Bank of New Hampshire purchased a new position in Parker-Hannifin in the fourth quarter valued at $35,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PH shares. Evercore ISI lifted their price target on Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Wells Fargo & Company increased their target price on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, KeyCorp cut their target price on shares of Parker-Hannifin from $790.00 to $690.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $705.35.

Parker-Hannifin Price Performance

NYSE:PH opened at $596.87 on Friday. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44. The stock has a market cap of $76.83 billion, a PE ratio of 24.70, a P/E/G ratio of 2.85 and a beta of 1.39. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a 50 day moving average price of $609.54 and a 200 day moving average price of $646.88.

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

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be paid a $1.80 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a dividend yield of 1.21%. Parker-Hannifin’s dividend payout ratio is 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.