SouthState Corp Boosts Holdings in Parker-Hannifin Co. (NYSE:PH)

SouthState Corp boosted its stake in Parker-Hannifin Co. (NYSE:PH) by 16.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 26,277 shares of the industrial products company’s stock after acquiring an additional 3,654 shares during the quarter. SouthState Corp’s holdings in Parker-Hannifin were worth $12,106,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PH. Running Oak Capital LLC lifted its position in Parker-Hannifin by 12.0% during the 4th quarter. Running Oak Capital LLC now owns 22,195 shares of the industrial products company’s stock worth $10,225,000 after buying an additional 2,384 shares in the last quarter. Westover Capital Advisors LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter valued at approximately $237,000. Fisher Asset Management LLC boosted its position in Parker-Hannifin by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 385,356 shares of the industrial products company’s stock worth $177,534,000 after purchasing an additional 8,744 shares during the last quarter. LGT Group Foundation raised its stake in shares of Parker-Hannifin by 4.5% during the 4th quarter. LGT Group Foundation now owns 54,872 shares of the industrial products company’s stock valued at $25,349,000 after purchasing an additional 2,369 shares during the period. Finally, FFT Wealth Management LLC boosted its holdings in Parker-Hannifin by 4.4% during the 4th quarter. FFT Wealth Management LLC now owns 947 shares of the industrial products company’s stock valued at $436,000 after acquiring an additional 40 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Down 2.3 %

NYSE PH traded down $12.28 during trading hours on Thursday, hitting $530.68. The company had a trading volume of 1,724,470 shares, compared to its average volume of 601,910. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. Parker-Hannifin Co. has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The firm’s 50 day moving average is $544.84 and its 200 day moving average is $481.32. The company has a market capitalization of $68.14 billion, a price-to-earnings ratio of 26.88, a P/E/G ratio of 1.99 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the prior year, the firm earned $4.76 earnings per share. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.23%. Parker-Hannifin’s payout ratio is presently 29.31%.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Andrew D. Ross sold 3,904 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares in the company, valued at $6,693,299.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,079 shares of company stock valued at $6,099,566. Corporate insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. KeyCorp boosted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their target price for the company from $300.00 to $500.00 in a report on Friday, March 1st. Truist Financial started coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They set a “buy” rating and a $602.00 target price on the stock. Barclays lifted their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Evercore ISI boosted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $515.38.

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.