Korea Investment CORP Trims Position in Parker-Hannifin Co. (NYSE:PH)

Korea Investment CORP reduced its position in Parker-Hannifin Co. (NYSE:PH) by 18.6% in the 4th quarter, Holdings Channel reports. The fund owned 100,298 shares of the industrial products company’s stock after selling 22,864 shares during the period. Korea Investment CORP’s holdings in Parker-Hannifin were worth $63,793,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Whipplewood Advisors LLC acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $30,000. Prestige Wealth Management Group LLC boosted its stake in Parker-Hannifin by 83.3% in the 3rd 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 stake in Parker-Hannifin in the 4th quarter worth about $35,000. Finally, Kestra Investment Management LLC purchased a new stake in Parker-Hannifin in the 4th quarter valued at about $40,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PH has been the topic of several recent analyst reports. StockNews.com lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a report on Wednesday, March 19th. Jefferies Financial Group increased their price target on shares of Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial boosted 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. Citigroup assumed coverage on Parker-Hannifin in a research report on Friday, February 7th. They issued a “buy” rating and a $795.00 target price on the stock. Finally, UBS Group lowered their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $736.65.

Parker-Hannifin Stock Down 1.7 %

Shares of NYSE:PH opened at $626.76 on Friday. The company has a market capitalization of $80.68 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average of $659.79 and a two-hundred day moving average of $653.92. Parker-Hannifin Co. has a 52-week low of $492.71 and a 52-week high of $718.44.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share 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%. As a group, analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 7th were given a $1.63 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.04%. Parker-Hannifin’s dividend payout ratio is presently 26.99%.

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.