Parker-Hannifin Corporation $PH Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC lowered its position in Parker-Hannifin Corporation (NYSE:PH) by 8.1% in the third quarter, HoldingsChannel.com reports. The fund owned 7,225 shares of the industrial products company’s stock after selling 640 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Parker-Hannifin were worth $6,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. E Fund Management Co. Ltd. raised its holdings in shares of Parker-Hannifin by 2.1% in the 2nd quarter. E Fund Management Co. Ltd. now owns 477 shares of the industrial products company’s stock valued at $467,000 after purchasing an additional 10 shares during the period. Allen Capital Group LLC lifted its stake in Parker-Hannifin by 4.8% in the 1st quarter. Allen Capital Group LLC now owns 264 shares of the industrial products company’s stock valued at $236,000 after purchasing an additional 12 shares during the last quarter. Doliver Advisors LP grew its holdings in Parker-Hannifin by 0.6% during the second quarter. Doliver Advisors LP now owns 2,011 shares of the industrial products company’s stock worth $1,967,000 after purchasing an additional 12 shares during the period. Bullock Wealth Management Group grew its holdings in Parker-Hannifin by 1.6% during the third quarter. Bullock Wealth Management Group now owns 754 shares of the industrial products company’s stock worth $728,000 after purchasing an additional 12 shares during the period. Finally, Wedbush Securities Inc. grew its holdings in Parker-Hannifin by 0.8% during the third quarter. Wedbush Securities Inc. now owns 1,510 shares of the industrial products company’s stock worth $1,442,000 after purchasing an additional 12 shares during the period. Institutional investors own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

PH has been the topic of several research analyst reports. TD Cowen upped their price objective on Parker-Hannifin from $850.00 to $950.00 and gave the company a “hold” rating in a research note on Wednesday, October 14th. Citigroup raised their price target on Parker-Hannifin from $1,232.00 to $1,234.00 and gave the company a “buy” rating in a report on Monday, October 12th. Truist Financial raised their price target on Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a “buy” rating in a report on Friday, August 7th. Susquehanna lifted their price objective on shares of Parker-Hannifin from $1,100.00 to $1,250.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. Finally, Raymond James Financial upped their price objective on shares of Parker-Hannifin from $1,050.00 to $1,250.00 and gave the company an “outperform” rating in a report on Monday, August 10th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,146.35.

Parker-Hannifin Stock Performance

PH opened at $964.17 on Wednesday. The business has a fifty day simple moving average of $945.24 and a 200 day simple moving average of $949.42. The company has a market capitalization of $121.59 billion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15. Parker-Hannifin Corporation has a 1 year low of $806.22 and a 1 year high of $1,099.94. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.94 and a quick ratio of 0.55.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, November 5th. The industrial products company reported $8.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.21 by $0.69. The business had revenue of $5.99 billion for the quarter, compared to the consensus estimate of $5.81 billion. Parker-Hannifin had a return on equity of 28.80% and a net margin of 16.62%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $7.22 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 36.450-37.250 EPS. Research analysts expect that Parker-Hannifin Corporation will post 37.04 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 13th will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. Parker-Hannifin’s payout ratio is 27.47%.

Insider Transactions at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $1,040.47, for a total value of $626,362.94. Following the completion of the transaction, the vice president owned 4,399 shares of the company’s stock, valued at $4,577,027.53. This represents a 12.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.35% of the stock is currently owned by corporate insiders.

Parker-Hannifin Profile

Parker-Hannifin is a global manufacturer of motion and control technologies. Its products include hydraulic and pneumatic systems, fluid connectors, filtration and sealing products, electromechanical components, and systems for aerospace and climate control applications. The company serves customers across industries such as aerospace, manufacturing, transportation, energy, and life sciences. Its operations span markets around the world, with businesses organized around industrial and aerospace products and services.