ING Groep NV Makes New $26.40 Million Investment in Parker-Hannifin Corporation $PH

ING Groep NV acquired a new stake in Parker-Hannifin Corporation (NYSE:PH) in the 3rd quarter, Holdings Channel reports. The firm acquired 34,819 shares of the industrial products company’s stock, valued at approximately $26,398,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in Parker-Hannifin by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 11,125,240 shares of the industrial products company’s stock valued at $7,770,646,000 after purchasing an additional 101,476 shares during the last quarter. Procyon Advisors LLC increased its holdings in shares of 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 worth $3,843,346,000 after purchasing an additional 5,066,179 shares during the period. Invesco Ltd. raised its position in shares of Parker-Hannifin by 1.8% during the second quarter. Invesco Ltd. now owns 2,345,922 shares of the industrial products company’s stock valued at $1,638,556,000 after buying an additional 41,221 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Parker-Hannifin by 4.4% during the second quarter. Ameriprise Financial Inc. now owns 2,194,687 shares of the industrial products company’s stock valued at $1,533,177,000 after buying an additional 92,913 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Parker-Hannifin by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 2,075,234 shares of the industrial products company’s stock valued at $1,449,496,000 after buying an additional 14,534 shares during the period. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $989.98 on Wednesday. The business has a 50 day simple moving average of $913.47 and a 200 day simple moving average of $819.76. 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 market capitalization of $124.96 billion, a PE ratio of 36.10, a price-to-earnings-growth ratio of 3.15 and a beta of 1.25. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $992.08.

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

Parker-Hannifin Dividend Announcement

The company 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 dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s dividend payout ratio (DPR) is currently 26.26%.

Insider Activity

In other Parker-Hannifin news, VP Matthew A. Jacobson sold 564 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $949.94, for a total value of $535,766.16. Following the transaction, the vice president directly owned 1,000 shares in the company, valued at $949,940. The trade was a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew D. Ross sold 2,488 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $894.81, for a total transaction of $2,226,287.28. Following the sale, the chief operating officer directly owned 13,120 shares in the company, valued at $11,739,907.20. This represents a 15.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 5,825 shares of company stock valued at $5,391,341 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PH has been the topic of several research reports. JPMorgan Chase & Co. boosted their price target on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Mizuho lifted their price objective on Parker-Hannifin from $800.00 to $825.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Barclays boosted their price objective on Parker-Hannifin from $990.00 to $1,020.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Argus reaffirmed a “buy” rating and issued a $900.00 target price on shares of Parker-Hannifin in a research report on Monday, November 10th. Finally, Truist Financial set a $1,139.00 price target on shares of Parker-Hannifin in a research note on Friday, January 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $990.47.

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.