Glenview Trust co Decreases Position in Parker-Hannifin Co. (NYSE:PH)

Glenview Trust co lowered its position in Parker-Hannifin Co. (NYSE:PH) by 2.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,545 shares of the industrial products company’s stock after selling 76 shares during the period. Glenview Trust co’s holdings in Parker-Hannifin were worth $1,619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC increased its holdings in Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after acquiring an additional 1,139,265 shares in the last quarter. State Street Corp grew its position in shares of Parker-Hannifin by 13.8% in the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock valued at $3,918,696,000 after purchasing an additional 753,143 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Parker-Hannifin by 39.9% during the 3rd quarter. Wellington Management Group LLP now owns 1,977,849 shares of the industrial products company’s stock worth $1,249,645,000 after purchasing an additional 564,365 shares during the last quarter. World Investment Advisors LLC purchased a new stake in Parker-Hannifin in the 3rd quarter valued at approximately $226,570,000. Finally, Assenagon Asset Management S.A. grew its holdings in Parker-Hannifin by 176.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 438,126 shares of the industrial products company’s stock valued at $278,661,000 after buying an additional 279,480 shares during the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

PH has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Evercore ISI upped their price objective on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. KeyCorp lifted their target price on shares of Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Truist Financial increased their price target on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Stifel Nicolaus lifted their price objective on Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research report on Friday, January 31st. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $736.65.

Parker-Hannifin Price Performance

Shares of NYSE PH opened at $608.17 on Monday. The business has a 50 day moving average price of $662.02 and a two-hundred day moving average price of $651.99. Parker-Hannifin Co. has a fifty-two week low of $492.71 and a fifty-two week high of $718.44. The firm has a market cap of $78.28 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 2.85 and a beta of 1.50. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Sell-side analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s dividend payout ratio is presently 26.99%.

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.