Element Capital Management LLC Acquires Shares of 663 Parker-Hannifin Corporation $PH

Element Capital Management LLC bought a new stake in Parker-Hannifin Corporation (NYSE:PH) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 663 shares of the industrial products company’s stock, valued at approximately $503,000. Parker-Hannifin makes up approximately 0.7% of Element Capital Management LLC’s investment portfolio, making the stock its 28th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in PH. Procyon Advisors LLC grew its position in shares of Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after buying an additional 5,066,179 shares in the last quarter. Norges Bank acquired a new stake in Parker-Hannifin in the second quarter valued at $1,352,509,000. Canada Pension Plan Investment Board boosted its stake in Parker-Hannifin by 115.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock valued at $256,970,000 after acquiring an additional 197,317 shares during the last quarter. Capital World Investors boosted its stake in Parker-Hannifin by 7.0% during the 3rd quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company’s stock valued at $1,959,166,000 after acquiring an additional 169,073 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Parker-Hannifin by 9.1% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,639,582 shares of the industrial products company’s stock worth $1,145,199,000 after acquiring an additional 136,359 shares in the last quarter. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Trading Down 1.3%

NYSE PH opened at $890.28 on Friday. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $1,034.96. The company has a 50-day simple moving average of $959.64 and a 200-day simple moving average of $858.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18. The firm has a market capitalization of $112.37 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 2.87 and a beta of 1.23.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business had revenue of $5.17 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter in the prior year, the firm earned $6.53 EPS. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts forecast that Parker-Hannifin Corporation will post 26.71 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 6th. Stockholders of record on Friday, February 6th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Insiders Place Their Bets

In related news, CFO Todd M. Leombruno sold 2,062 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the completion of the transaction, the chief financial officer directly owned 20,610 shares in the company, valued at $20,658,227.40. This represents a 9.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the completion of the sale, the vice president owned 6,534 shares in the company, valued at $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 10,063 shares of company stock worth $9,891,214. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PH. The Goldman Sachs Group restated a “buy” rating on shares of Parker-Hannifin in a research note on Thursday, January 29th. Truist Financial set a $1,139.00 price target on Parker-Hannifin in a research note on Friday, January 30th. Barclays boosted their price objective on Parker-Hannifin from $990.00 to $1,020.00 and gave the company an “overweight” rating in a report on Friday, January 30th. iA Financial set a $1,032.00 price objective on Parker-Hannifin in a research note on Thursday, January 29th. Finally, Jefferies Financial Group lifted their target price on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $995.37.

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.