Covea Finance Lowers Holdings in Parker-Hannifin Co. (NYSE:PH)

Covea Finance trimmed its position in shares of Parker-Hannifin Co. (NYSE:PH) by 5.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,346 shares of the industrial products company’s stock after selling 2,010 shares during the quarter. Covea Finance’s holdings in Parker-Hannifin were worth $21,069,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Addison Advisors LLC purchased a new position in Parker-Hannifin in the second quarter worth approximately $25,000. Bangor Savings Bank raised its position in Parker-Hannifin by 238.5% in the third quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Parker-Hannifin by 60.6% during the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after buying an additional 20 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Parker-Hannifin during the fourth quarter worth $30,000. Finally, Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the first quarter worth about $31,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Shares of NYSE PH traded up $5.63 during mid-day trading on Friday, hitting $637.15. 485,506 shares of the stock traded hands, compared to its average volume of 640,334. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93 and a quick ratio of 0.55. The company has a market cap of $81.98 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 2.57 and a beta of 1.43. Parker-Hannifin Co. has a twelve month low of $362.49 and a twelve month high of $640.00. The firm has a 50 day simple moving average of $595.82 and a two-hundred day simple moving average of $556.88.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period in the prior year, the business earned $6.08 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Parker-Hannifin Co. will post 26.64 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Wednesday, August 28th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Wednesday, August 28th. Parker-Hannifin’s dividend payout ratio is presently 29.92%.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total value of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at approximately $1,986,282. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now owns 3,350 shares in the company, valued at $1,986,282. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.39% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Truist Financial upped their price target on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com raised shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday. TD Cowen increased their price objective on shares of Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a report on Wednesday, September 11th. Finally, Barclays increased their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $649.86.

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.