Fifth Third Bancorp Sells 82 Shares of Parker-Hannifin Co. (NYSE:PH)

Fifth Third Bancorp lowered its holdings in Parker-Hannifin Co. (NYSE:PH) by 0.1% in the fourth quarter, Holdings Channel reports. The firm owned 149,811 shares of the industrial products company’s stock after selling 82 shares during the quarter. Fifth Third Bancorp’s holdings in Parker-Hannifin were worth $95,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Evergreen Capital Management LLC grew its position in shares of Parker-Hannifin by 3.3% in the 2nd quarter. Evergreen Capital Management LLC now owns 692 shares of the industrial products company’s stock valued at $350,000 after acquiring an additional 22 shares during the period. Marshall Wace LLP acquired a new stake in Parker-Hannifin in the 2nd quarter valued at about $23,600,000. AQR Capital Management LLC grew its holdings in Parker-Hannifin by 52.2% during the second quarter. AQR Capital Management LLC now owns 78,768 shares of the industrial products company’s stock worth $39,841,000 after purchasing an additional 27,020 shares during the period. Delta Investment Management LLC increased its position in Parker-Hannifin by 4.4% during the second quarter. Delta Investment Management LLC now owns 523 shares of the industrial products company’s stock worth $265,000 after buying an additional 22 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new stake in Parker-Hannifin in the second quarter valued at approximately $384,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,430 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $3,831,839.40. The trade was a 30.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now directly owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,077 shares of company stock worth $12,303,829. 0.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. KeyCorp boosted their target price on Parker-Hannifin from $725.00 to $775.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Jefferies Financial Group lifted their price target on Parker-Hannifin from $765.00 to $810.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Argus upped their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Truist Financial upped their price target on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $691.00 to $689.00 and set a “hold” rating on the stock in a research note on Friday. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $722.81.

Parker-Hannifin Trading Down 0.1 %

PH opened at $679.25 on Friday. The company’s 50 day moving average price is $668.77 and its two-hundred day moving average price is $623.13. The firm has a market capitalization of $87.43 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 2.76 and a beta of 1.45. Parker-Hannifin Co. has a fifty-two week low of $463.16 and a fifty-two week high of $712.42. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.96 and a quick ratio of 0.57.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same period in the prior year, the business posted $5.96 earnings per share. Parker-Hannifin’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, research analysts predict that Parker-Hannifin Co. will post 26.73 earnings per share for the current year.

Parker-Hannifin Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

About Parker-Hannifin

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.