SouthState Bank Corp Purchases 569 Shares of Parker-Hannifin Corporation $PH

SouthState Bank Corp boosted its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 1.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,149 shares of the industrial products company’s stock after acquiring an additional 569 shares during the period. Parker-Hannifin comprises about 1.2% of SouthState Bank Corp’s portfolio, making the stock its 16th largest position. SouthState Bank Corp’s holdings in Parker-Hannifin were worth $26,648,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its holdings in shares of Parker-Hannifin by 20.1% during the second quarter. Quadrant Capital Group LLC now owns 3,610 shares of the industrial products company’s stock valued at $2,521,000 after acquiring an additional 604 shares in the last quarter. Procyon Advisors LLC increased its stake in Parker-Hannifin by 158,565.9% during the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after purchasing an additional 5,066,179 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Parker-Hannifin in the second quarter worth $733,000. Wilkinson Global Asset Management LLC lifted its stake in shares of Parker-Hannifin by 28.2% during the third quarter. Wilkinson Global Asset Management LLC now owns 48,434 shares of the industrial products company’s stock worth $36,720,000 after buying an additional 10,653 shares during the period. Finally, Pacific Heights Asset Management LLC increased its position in shares of Parker-Hannifin by 3.2% in the 3rd quarter. Pacific Heights Asset Management LLC now owns 65,000 shares of the industrial products company’s stock valued at $49,280,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PH. JPMorgan Chase & Co. lifted their price target on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Citigroup lifted their target price on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Argus reiterated a “buy” rating and issued a $900.00 price target on shares of Parker-Hannifin in a report on Monday, November 10th. Industrial Alliance Securities set a $1,032.00 price target on shares of Parker-Hannifin in a research report on Thursday, January 29th. Finally, BNP Paribas Exane initiated coverage on shares of Parker-Hannifin in a report on Thursday, December 4th. They issued an “outperform” rating and a $1,020.00 price objective on the stock. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus target price of $990.47.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $950.05, for a total value of $1,250,265.80. Following the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. This trade represents a 16.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Rachid Bendali sold 1,437 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $852.99, for a total value of $1,225,746.63. Following the transaction, the vice president directly owned 2,714 shares of the company’s stock, valued at approximately $2,315,014.86. The trade was a 34.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 10,769 shares of company stock valued at $9,649,169 in the last ninety days. 0.32% of the stock is currently owned by company insiders.

Key Parker-Hannifin News

Here are the key news stories impacting Parker-Hannifin this week:

• Positive Sentiment: Wall Street Zen upgraded PH, which can attract buyers and support sentiment for the stock. Parker?Hannifin (NYSE:PH) Stock Rating Upgraded by Wall Street Zen
• Neutral Sentiment: Zacks published a momentum?style writeup arguing PH is a strong momentum stock, which may draw momentum traders but does not change fundamentals. Parker?Hannifin (PH) is a Great Momentum Stock: Should You Buy?
• Negative Sentiment: VP Matthew A. Jacobson sold 564 shares at about $949.94 (reducing his stake to 1,000 shares). Insider selling can be perceived as profit?taking or diversification and may worry some investors. SEC Filing – Form 4
• Negative Sentiment: VP Dinu J. Parel sold 1,316 shares at ~ $950.05 (reducing his position by ~16.8%). The size and timing of multiple exec sales may amplify investor concern about insider conviction. SEC Filing – Form 4
• Negative Sentiment: VP Berend Bracht sold 1,457 shares at about $946.48, a ~36% reduction in his holding. Multiple senior leaders selling in close succession has prompted press coverage highlighting “quiet” cash?outs. SEC Filing – Form 4
• Negative Sentiment: TipRanks ran a roundup noting senior Parker?Hannifin leaders “quietly” cashed out millions, which could amplify negative investor perception even if the sales are routine or pre?planned. Senior Parker Hannifin Leaders Quietly Cash Out Millions

Parker-Hannifin Price Performance

NYSE:PH opened at $968.36 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66. The company has a 50 day moving average price of $903.97 and a 200-day moving average price of $812.05. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $979.44. The firm has a market cap of $122.23 billion, a price-to-earnings ratio of 35.32, a price-to-earnings-growth ratio of 3.29 and a beta of 1.25.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The company had revenue of $5.17 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same quarter last year, the business earned $6.53 earnings per share. The firm’s revenue was up 9.1% on a year-over-year basis. Equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 6th will be issued a $1.80 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a yield of 0.7%. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Parker-Hannifin Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.