Eagle Rock Investment Company LLC Cuts Position in Parker-Hannifin Co. (NYSE:PH)

Eagle Rock Investment Company LLC trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH) by 20.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,000 shares of the industrial products company’s stock after selling 250 shares during the period. Eagle Rock Investment Company LLC’s holdings in Parker-Hannifin were worth $608,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $32,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter worth $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were 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 now directly owns 2,083 shares of the company’s stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

Parker-Hannifin Stock Up 1.5%

PH opened at $672.02 on Friday. The business’s 50-day simple moving average is $616.90 and its 200-day simple moving average is $645.78. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a one year low of $488.45 and a one year high of $718.44. The stock has a market capitalization of $85.87 billion, a P/E ratio of 27.82, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts’ consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The business had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the firm earned $6.51 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. Analysts anticipate that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced 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 represents a $7.20 dividend on an annualized basis and a dividend yield of 1.07%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.63. Parker-Hannifin’s payout ratio is 27.72%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wolfe Research downgraded shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a research note on Thursday, April 3rd. Barclays dropped their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Truist Financial dropped their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. KeyCorp boosted their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Finally, Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research note on Thursday. They issued an “equal weight” rating and a $700.00 price target for the company. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $719.71.

Parker-Hannifin Company 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.