Lafayette Investments Inc. Reduces Position in Parker-Hannifin Co. (NYSE:PH)

Lafayette Investments Inc. lessened its holdings in shares of Parker-Hannifin Co. (NYSE:PH) by 1.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,817 shares of the industrial products company’s stock after selling 200 shares during the quarter. Parker-Hannifin makes up 1.2% of Lafayette Investments Inc.’s portfolio, making the stock its 25th largest holding. Lafayette Investments Inc.’s holdings in Parker-Hannifin were worth $4,983,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $519,286,000. Alphinity Investment Management Pty Ltd purchased a new position in shares of Parker-Hannifin during the 3rd quarter valued at $310,208,000. FMR LLC lifted its stake in shares of Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock valued at $1,437,096,000 after buying an additional 324,063 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Parker-Hannifin by 61.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 676,123 shares of the industrial products company’s stock valued at $166,360,000 after buying an additional 257,251 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Parker-Hannifin by 65,634.7% during the 4th quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company’s stock valued at $101,149,000 after buying an additional 219,220 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Stock Up 0.0 %

NYSE:PH traded up $0.21 during midday trading on Friday, reaching $538.30. 133,863 shares of the stock traded hands, compared to its average volume of 582,814. Parker-Hannifin Co. has a 12-month low of $309.89 and a 12-month high of $570.15. The business has a 50-day moving average of $540.09 and a two-hundred day moving average of $471.11. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. The stock has a market capitalization of $69.12 billion, a PE ratio of 26.64, a price-to-earnings-growth ratio of 1.98 and a beta of 1.52.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the company posted $4.76 earnings per share. Parker-Hannifin’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were paid a dividend of $1.48 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $5.92 dividend on an annualized basis and a yield of 1.10%. Parker-Hannifin’s payout ratio is 29.31%.

Analysts Set New Price Targets

PH has been the topic of several research analyst reports. Barclays boosted 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. 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 note on Tuesday, February 20th. Truist Financial initiated coverage on shares of Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target on the stock. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $551.00 price target on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. 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, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

Insider Buying and Selling at Parker-Hannifin

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

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.