1ST Source Bank Cuts Holdings in Parker-Hannifin Co. (NYSE:PH)

1ST Source Bank lessened its stake in Parker-Hannifin Co. (NYSE:PH) by 4.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 606 shares of the industrial products company’s stock after selling 25 shares during the period. 1ST Source Bank’s holdings in Parker-Hannifin were worth $385,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PH. Empowered Funds LLC grew its stake in Parker-Hannifin by 13.5% in the 3rd quarter. Empowered Funds LLC now owns 2,499 shares of the industrial products company’s stock worth $1,579,000 after buying an additional 298 shares in the last quarter. Atlanta Consulting Group Advisors LLC purchased a new position in Parker-Hannifin in the 3rd quarter worth approximately $306,000. Adero Partners LLC purchased a new position in Parker-Hannifin in the 3rd quarter worth approximately $224,000. Claro Advisors LLC grew its stake in Parker-Hannifin by 62.5% in the 3rd quarter. Claro Advisors LLC now owns 746 shares of the industrial products company’s stock worth $471,000 after buying an additional 287 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Parker-Hannifin by 4.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 39,887 shares of the industrial products company’s stock valued at $25,201,000 after purchasing an additional 1,825 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 2.3 %

Shares of NYSE PH opened at $622.09 on Tuesday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44. The firm has a market capitalization of $80.08 billion, a PE ratio of 25.75, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The firm has a fifty day simple moving average of $661.68 and a two-hundred day simple moving average of $652.21.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping 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%. Equities analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were paid a $1.63 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.05%. Parker-Hannifin’s payout ratio is 26.99%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PH shares. Truist Financial upped their price objective on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company upped their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Citigroup started coverage on shares of Parker-Hannifin in a research note on Friday, February 7th. They issued a “buy” rating and a $795.00 price objective for the company. KeyCorp upped their price objective on shares of Parker-Hannifin from $775.00 to $790.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Jefferies Financial Group upped their price objective on shares of Parker-Hannifin from $765.00 to $810.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $736.65.

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.