HighTower Advisors LLC Has $60.48 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

HighTower Advisors LLC lowered its stake in Parker-Hannifin Co. (NYSE:PH) by 1.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 95,083 shares of the industrial products company’s stock after selling 1,277 shares during the period. HighTower Advisors LLC’s holdings in Parker-Hannifin were worth $60,476,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Whipplewood Advisors LLC acquired a new position in Parker-Hannifin during the fourth quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its position in Parker-Hannifin by 83.3% during the third quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares during the last quarter. Bank of New Hampshire acquired a new position in Parker-Hannifin during the fourth quarter worth approximately $35,000. Kestra Investment Management LLC acquired a new position in Parker-Hannifin during the fourth quarter worth approximately $40,000. Finally, Hager Investment Management Services LLC acquired a new position in Parker-Hannifin during the fourth quarter worth approximately $44,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PH shares. Stifel Nicolaus boosted their price target on Parker-Hannifin from $689.00 to $691.00 and gave the stock a “hold” rating in a research report on Friday, January 31st. Truist Financial boosted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. StockNews.com upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, February 8th. Citigroup started coverage on Parker-Hannifin in a report on Friday, February 7th. They set a “buy” rating and a $795.00 price objective for the company. Finally, Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $736.65.

Parker-Hannifin Trading Down 3.5 %

Shares of PH stock opened at $591.55 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The stock has a market cap of $76.14 billion, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The stock has a 50 day simple moving average of $662.61 and a 200 day simple moving average of $651.00. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. On average, research analysts predict that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a yield of 1.10%. Parker-Hannifin’s dividend payout ratio is currently 26.99%.

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.