Short Interest in Parker-Hannifin Corporation (NYSE:PH) Declines By 20.0%

Parker-Hannifin Corporation (NYSE:PH) was the recipient of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,311,295 shares, a decline of 20.0% from the February 26th total of 1,638,246 shares. Currently, 1.0% of the company’s stock are short sold. Based on an average daily volume of 906,761 shares, the days-to-cover ratio is presently 1.4 days.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Truist Financial set a $1,139.00 price objective on shares of Parker-Hannifin in a research note on Friday, January 30th. Citigroup lifted their target price on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Morgan Stanley boosted their target price on Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a report on Tuesday, February 24th. JPMorgan Chase & Co. upped their target price on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Finally, BMO Capital Markets started coverage on Parker-Hannifin in a research report on Friday. They set an “outperform” rating and a $1,090.00 price target on the stock. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,000.10.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 1,457 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the transaction, the vice president owned 2,580 shares in the company, valued at approximately $2,441,918.40. This represents a 36.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Matthew A. Jacobson sold 564 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total transaction of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares in the company, valued at $949,940. This trade represents a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 10,063 shares of company stock valued at $9,891,214 over the last three months. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Parker-Hannifin

Several institutional investors have recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Parker-Hannifin by 5.9% during the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company’s stock valued at $1,150,000 after buying an additional 101 shares during the last quarter. Bison Wealth LLC boosted its stake in shares of Parker-Hannifin by 4.5% during the fourth quarter. Bison Wealth LLC now owns 749 shares of the industrial products company’s stock valued at $476,000 after acquiring an additional 32 shares during the last quarter. Empowered Funds LLC increased its position in Parker-Hannifin by 0.5% during the 1st quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company’s stock worth $1,759,000 after purchasing an additional 15 shares in the last quarter. Acadian Asset Management LLC raised its stake in Parker-Hannifin by 26.2% in the 1st quarter. Acadian Asset Management LLC now owns 799 shares of the industrial products company’s stock valued at $484,000 after purchasing an additional 166 shares during the last quarter. Finally, Sivia Capital Partners LLC lifted its holdings in Parker-Hannifin by 3.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 430 shares of the industrial products company’s stock valued at $300,000 after purchasing an additional 15 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $32.21 during midday trading on Tuesday, hitting $893.69. The stock had a trading volume of 1,072,496 shares, compared to its average volume of 894,620. The company has a market capitalization of $112.80 billion, a PE ratio of 32.59, a P/E/G ratio of 2.77 and a beta of 1.23. The stock has a 50 day moving average price of $952.57 and a two-hundred day moving average price of $871.21. The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $1,034.96.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.Parker-Hannifin’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $6.53 EPS. As a group, equities analysts predict that Parker-Hannifin will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 6th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.