PNC Financial Services Group Inc. Has $252.32 Million Holdings in Parker-Hannifin Corporation $PH

PNC Financial Services Group Inc. grew its stake in Parker-Hannifin Corporation (NYSE:PH) by 18.0% in the third quarter, HoldingsChannel reports. The fund owned 332,811 shares of the industrial products company’s stock after acquiring an additional 50,875 shares during the period. PNC Financial Services Group Inc.’s holdings in Parker-Hannifin were worth $252,321,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Procyon Advisors LLC lifted its holdings in Parker-Hannifin by 158,565.9% during the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after buying an additional 5,066,179 shares in the last quarter. Norges Bank bought a new stake in shares of Parker-Hannifin during the second quarter worth $1,352,509,000. Canada Pension Plan Investment Board boosted its holdings in Parker-Hannifin by 115.7% in the second quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock valued at $256,970,000 after acquiring an additional 197,317 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Parker-Hannifin by 9.1% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock valued at $1,145,199,000 after acquiring an additional 136,359 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. acquired a new stake in Parker-Hannifin in the third quarter worth about $103,284,000. 82.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

PH has been the topic of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. BNP Paribas Exane assumed coverage on shares of Parker-Hannifin in a report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective on the stock. Truist Financial set a $1,139.00 target price on shares of Parker-Hannifin in a report on Friday, January 30th. Wall Street Zen upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research report on Wednesday, February 4th. Finally, Robert W. Baird set a $1,050.00 price target on Parker-Hannifin in a research note on Friday, January 30th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $990.47.

Parker-Hannifin Stock Up 1.9%

Shares of NYSE:PH opened at $1,001.30 on Friday. The company has a 50 day moving average price of $920.62 and a two-hundred day moving average price of $824.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. The company has a market capitalization of $126.38 billion, a PE ratio of 36.52, a PEG ratio of 3.23 and a beta of 1.25. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $1,012.49.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the business earned $6.53 EPS. The firm’s revenue was up 9.1% on a year-over-year basis. Analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be given a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.26%.

Insider Buying and Selling at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,664 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $999.00, for a total transaction of $4,659,336.00. Following the completion of the sale, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at approximately $13,106,880. This represents a 26.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Matthew A. Jacobson sold 564 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the sale, the vice president owned 1,000 shares in the company, valued at $949,940. This trade represents a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,551 shares of company stock worth $12,117,502 over the last three months. Company insiders own 0.32% of the company’s stock.

About Parker-Hannifin

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.