Marks Group Wealth Management Inc has reduced its stake in Parker-Hannifin Corporation (NYSE:PH) by 6.3% during the third quarter of the fiscal year, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). Following the sale of 883 shares during this period, the company now holds 13,209 shares of the industrial products firm, which constitutes approximately 0.9% of its total holdings, making it the 23rd largest investment in its portfolio. As of the most recent filing, Marks Group’s investment in Parker-Hannifin is valued at $10,014,000.
A number of other institutional investors have also adjusted their positions in Parker-Hannifin. Notably, Vanguard Group Inc. increased its holdings by 0.9% during the second quarter, now owning 11,125,240 shares worth approximately $7.77 billion, after acquiring an additional 101,476 shares. Procyon Advisors LLC made a significant move, boosting its stake by an astonishing 158,565.9% in the third quarter, now holding 5,069,374 shares valued at $3.84 billion. Invesco Ltd. and Ameriprise Financial Inc. also expanded their stakes by 1.8% and 4.4% respectively, increasing their shares to 2,345,922 and 2,194,687.
Insider trading activity has also been notable. Chief Operating Officer Andrew D. Ross sold 4,664 shares on February 11, 2024, at an average price of $999.00, generating a sale value of $4,659,336. This sale resulted in a 26.23% decrease in his possession of the stock. Additionally, Vice President Matthew A. Jacobson sold 564 shares on February 2, 2024, at an average price of $949.94, totaling $535,766.16. Following this transaction, Jacobson owned 1,000 shares valued at approximately $949,940, marking a 36.06% decline in his ownership.
Approximately 82.44% of Parker-Hannifin’s stock is currently held by institutional investors and hedge funds. Over the last three months, corporate insiders have sold a total of 12,551 shares worth $12,117,502. Insiders own a mere 0.32% of the company’s stock.
Parker-Hannifin recently reported its quarterly earnings, revealing an earnings per share (EPS) of $7.65 for the quarter that ended on January 29, 2024. This performance exceeded analysts’ expectations of $7.11 by $0.54. The company generated $5.17 billion in revenue, surpassing the consensus estimate of $5.07 billion. Parker-Hannifin also exhibited a net margin of 17.29% and a return on equity of 27.56%, with a year-over-year revenue increase of 9.1%.
In related news, Parker-Hannifin has declared a quarterly dividend of $1.80, set to be paid on March 6, 2024, to shareholders on record as of February 6, 2024. This dividend reflects an annualized payout of $7.20 and a yield of 0.7%. The company’s dividend payout ratio stands at 26.26%.
Looking ahead, multiple research firms have provided insights into Parker-Hannifin’s stock performance. The Goldman Sachs Group reaffirmed a “buy” rating in their report on January 29, 2024. Additionally, Susquehanna set a price target of $1,000.00, while Argus issued a price objective of $900.00. JPMorgan Chase & Co. recently raised their target price from $1,083.00 to $1,100.00 and maintained an “overweight” rating. A total of 17 analysts have rated the stock as a Buy, while four have issued a Hold rating, resulting in an average rating of “Moderate Buy” and a consensus price target of $990.47.
Parker-Hannifin Corporation (NYSE: PH) is a global leader in the manufacture and provision of motion and control technologies, designing and servicing a wide array of products used across diverse environments, including industrial manufacturing and aerospace.
