California Public Employees Retirement System Has $110.06 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

California Public Employees Retirement System reduced its position in Parker-Hannifin Co. (NYSE:PH) by 3.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 238,899 shares of the industrial products company’s stock after selling 9,305 shares during the period. California Public Employees Retirement System owned 0.19% of Parker-Hannifin worth $110,061,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alphinity Investment Management Pty Ltd bought a new position in Parker-Hannifin during the third quarter worth about $310,208,000. FMR LLC lifted its holdings in Parker-Hannifin by 9.6% during the third quarter. FMR LLC now owns 3,689,402 shares of the industrial products company’s stock worth $1,437,096,000 after acquiring an additional 324,063 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Parker-Hannifin by 65,634.7% during 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 acquiring an additional 219,220 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Parker-Hannifin by 52.0% in the third quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company’s stock valued at $197,255,000 after purchasing an additional 173,323 shares in the last quarter. Finally, iA Global Asset Management Inc. bought a new stake in shares of Parker-Hannifin in the third quarter valued at about $58,601,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on PH. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI boosted their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Truist Financial assumed coverage on Parker-Hannifin in a research report on Thursday, March 14th. They issued a “buy” rating and a $602.00 target price on the stock. Stifel Nicolaus lifted their target price on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $551.00 target price on shares of Parker-Hannifin in a research report 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

Insiders Place Their Bets

In other Parker-Hannifin news, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the completion of the sale, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the sale, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock worth $6,099,566 over the last three months. Insiders own 1.03% of the company’s stock.

Parker-Hannifin Trading Up 1.9 %

Shares of NYSE:PH opened at $550.24 on Wednesday. Parker-Hannifin Co. has a 12-month low of $309.89 and a 12-month high of $570.15. The stock has a market cap of $70.66 billion, a PE ratio of 27.24, a P/E/G ratio of 1.98 and a beta of 1.52. The business has a 50 day moving average of $541.56 and a 200-day moving average of $475.61. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72.

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

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.31%.

Parker-Hannifin Company 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.