Pinnacle Financial Partners Inc Trims Position in Parker-Hannifin Corporation (NYSE:PH)

Pinnacle Financial Partners Inc trimmed its position in Parker-Hannifin Corporation (NYSE:PH) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,234 shares of the industrial products company’s stock after selling 63 shares during the period. Pinnacle Financial Partners Inc’s holdings in Parker-Hannifin were worth $2,000,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Manhattan CO. LLC. grew its stake in shares of Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company’s stock valued at $1,005,000 after buying an additional 15 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in Parker-Hannifin by 1.5% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company’s stock valued at $689,000 after acquiring an additional 16 shares during the last quarter. Becker Capital Management Inc. increased its stake in Parker-Hannifin by 3.4% in the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company’s stock worth $307,000 after purchasing an additional 16 shares during the period. Northwest Wealth Management LLC increased its stake in Parker-Hannifin by 3.0% in the fourth quarter. Northwest Wealth Management LLC now owns 578 shares of the industrial products company’s stock worth $367,000 after purchasing an additional 17 shares during the period. Finally, Citizens National Bank Trust Department lifted its position in shares of Parker-Hannifin by 8.5% during the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 17 shares during the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of PH stock opened at $711.55 on Thursday. The stock’s 50-day moving average is $657.13 and its 200 day moving average is $643.14. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The company has a market cap of $90.92 billion, a P/E ratio of 27.40, a PEG ratio of 3.03 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.51 EPS. Research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. Parker-Hannifin’s dividend payout ratio is presently 27.72%.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president owned 2,083 shares of the company’s stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PH shares. KeyCorp boosted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Mizuho set a $785.00 price objective on Parker-Hannifin in a research note on Friday, May 16th. Wolfe Research lowered Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company upped their target price on Parker-Hannifin from $670.00 to $770.00 and gave the stock an “overweight” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin presently has an average rating of “Moderate Buy” and an average target price of $719.41.

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.