Envestnet Asset Management Inc. Sells 24,095 Shares of Parker-Hannifin Corporation $PH

Envestnet Asset Management Inc. trimmed its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 3.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 732,845 shares of the industrial products company’s stock after selling 24,095 shares during the period. Envestnet Asset Management Inc. owned approximately 0.58% of Parker-Hannifin worth $716,810,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PH. Fideuram Asset Management Ireland dac purchased a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $1,253,000. Proficio Capital Partners LLC raised its holdings in Parker-Hannifin by 234.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 1,954 shares of the industrial products company’s stock worth $1,911,000 after acquiring an additional 1,369 shares during the last quarter. BNP Paribas lifted its position in Parker-Hannifin by 4.1% in the 2nd quarter. BNP Paribas now owns 54,208 shares of the industrial products company’s stock valued at $52,717,000 after acquiring an additional 2,121 shares in the last quarter. Shepherd Street Advisors LLC purchased a new stake in Parker-Hannifin during the 4th quarter valued at $1,736,000. Finally, Integrated Wealth Concepts LLC boosted its stake in Parker-Hannifin by 86.1% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 3,503 shares of the industrial products company’s stock valued at $3,426,000 after purchasing an additional 1,621 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Insider Activity

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

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $7.36 during mid-day trading on Wednesday, reaching $972.21. 581,576 shares of the company traded hands, compared to its average volume of 702,538. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.26 and a quick ratio of 0.74. Parker-Hannifin Corporation has a 52 week low of $715.37 and a 52 week high of $1,099.94. The company’s 50 day moving average price is $987.04 and its 200-day moving average price is $943.69. The firm has a market cap of $122.61 billion, a PE ratio of 34.12, a PEG ratio of 2.98 and a beta of 1.13.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, August 6th. The industrial products company reported $9.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.31 by $0.96. Parker-Hannifin had a return on equity of 28.48% and a net margin of 16.97%.The firm had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter last year, the business posted $7.69 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. On average, equities analysts expect that Parker-Hannifin Corporation will post 34.95 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Monday, August 31st were paid a $2.00 dividend. The ex-dividend date of this dividend was Monday, August 31st. This represents a $8.00 dividend on an annualized basis and a yield of 0.8%. Parker-Hannifin’s payout ratio is presently 28.08%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PH shares. Wells Fargo & Company lowered their price target on Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating on the stock in a report on Tuesday, May 26th. Wall Street Zen lowered Parker-Hannifin from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Truist Financial raised their price target on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a “buy” rating in a report on Friday, August 7th. 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 report on Friday, August 7th. Finally, KeyCorp lifted their target price on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,114.55.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE:PH) is a diversified manufacturer of motion and control technologies. The company develops and produces systems and components that manage the movement and flow of liquids, gases and other materials for industrial, mobile and aerospace applications.

Its products include hydraulic and pneumatic systems, fluid connectors, filtration and process-control equipment, electromechanical technologies, seals, thermal-management solutions and aerospace systems. Parker-Hannifin serves manufacturers and operators in markets such as factory automation, transportation, energy, construction, life sciences and aviation.

Founded in 1917, Parker-Hannifin is headquartered in Cleveland, Ohio, and serves customers through manufacturing, distribution and sales operations across North America, Europe, Asia and other international markets.