Courier Capital LLC Sells 20 Shares of Parker-Hannifin Co. (NYSE:PH)

Courier Capital LLC lowered its stake in shares of Parker-Hannifin Co. (NYSE:PH) by 4.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 419 shares of the industrial products company’s stock after selling 20 shares during the quarter. Courier Capital LLC’s holdings in Parker-Hannifin were worth $233,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in Parker-Hannifin during the 4th quarter valued at about $665,188,000. Alphinity Investment Management Pty Ltd boosted its position in shares of Parker-Hannifin by 42.2% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company’s stock valued at $521,861,000 after buying an additional 336,370 shares during the period. Kodai Capital Management LP bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $122,449,000. International Assets Investment Management LLC raised its holdings in shares of Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock worth $101,149,000 after buying an additional 219,220 shares during the period. Finally, iA Global Asset Management Inc. purchased a new stake in shares of Parker-Hannifin in the third quarter worth approximately $58,601,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PH shares. Argus upped their price objective on Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Raymond James assumed coverage on Parker-Hannifin in a research note on Friday. They set an “outperform” rating and a $610.00 price target on the stock. Truist Financial reaffirmed a “buy” rating and issued a $611.00 price objective on shares of Parker-Hannifin in a research note on Wednesday, May 15th. Stifel Nicolaus raised their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, KeyCorp upped their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $569.06.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares in the company, valued at $609,989.13. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Parker-Hannifin news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now owns 4,200 shares in the company, valued at approximately $2,305,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total transaction of $306,872.28. Following the sale, the vice president now directly owns 1,137 shares of the company’s stock, valued at approximately $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by corporate insiders.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $1.59 during trading on Friday, hitting $505.81. 2,798,501 shares of the stock traded hands, compared to its average volume of 657,164. The company has a fifty day moving average price of $532.30 and a two-hundred day moving average price of $514.77. Parker-Hannifin Co. has a 52-week low of $362.49 and a 52-week high of $570.15. The company has a market cap of $65.02 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 2.01 and a beta of 1.46. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $5.93 EPS. As a group, equities analysts predict that Parker-Hannifin Co. will post 24.84 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 10th were given a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.29%. Parker-Hannifin’s dividend payout ratio (DPR) is 30.73%.

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.