Washington Trust Bank Trims Stock Holdings in Parker-Hannifin Corporation $PH

Washington Trust Bank lowered its stake in shares of Parker-Hannifin Corporation (NYSE:PH) by 11.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,655 shares of the industrial products company’s stock after selling 1,623 shares during the period. Parker-Hannifin accounts for approximately 0.9% of Washington Trust Bank’s portfolio, making the stock its 29th biggest holding. Washington Trust Bank’s holdings in Parker-Hannifin were worth $12,378,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Texas Capital Bancshares Inc TX purchased a new position in shares of Parker-Hannifin during the third quarter valued at approximately $25,000. Archer Investment Corp purchased a new position in shares of Parker-Hannifin during the 2nd quarter worth $28,000. HFM Investment Advisors LLC boosted its holdings in shares of Parker-Hannifin by 1,000.0% during the fourth quarter. HFM Investment Advisors LLC now owns 33 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 30 shares during the last quarter. Lloyd Advisory Services LLC. purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at $31,000. Finally, NFSG Corp grew its position in shares of Parker-Hannifin by 94.4% in the first quarter. NFSG Corp now owns 35 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 17 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Parker-Hannifin from $1,141.00 to $1,232.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Evercore set a $1,064.00 target price on shares of Parker-Hannifin in a report on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research report on Friday, July 17th. Wells Fargo & Company decreased their price target on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Finally, Susquehanna boosted their price objective on shares of Parker-Hannifin from $1,100.00 to $1,250.00 and gave the company a “positive” rating in a research note on Friday, August 7th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,100.00.

Insider Transactions at Parker-Hannifin

In other news, VP Berend Bracht sold 602 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $1,040.47, for a total value of $626,362.94. Following the completion of the sale, the vice president owned 4,399 shares of the company’s stock, valued at $4,577,027.53. This represents a 12.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Parker-Hannifin Stock Performance

NYSE PH opened at $995.24 on Friday. The firm has a market capitalization of $125.45 billion, a P/E ratio of 34.93, a P/E/G ratio of 2.59 and a beta of 1.12. Parker-Hannifin Corporation has a 1-year low of $715.37 and a 1-year high of $1,099.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.26 and a quick ratio of 0.74. The business’s 50-day simple moving average is $991.71 and its 200-day simple moving average is $950.48.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.31 by $0.96. The business had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $7.69 EPS. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Equities analysts predict that Parker-Hannifin Corporation will post 34.93 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, August 31st. Parker-Hannifin’s payout ratio is currently 28.08%.

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.