Clark Capital Management Group Inc. Sells 23,585 Shares of Parker-Hannifin Corporation $PH

Clark Capital Management Group Inc. cut its holdings in shares of Parker-Hannifin Corporation (NYSE:PH) by 11.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,699 shares of the industrial products company’s stock after selling 23,585 shares during the quarter. Parker-Hannifin makes up 0.9% of Clark Capital Management Group Inc.’s portfolio, making the stock its 20th largest position. Clark Capital Management Group Inc. owned about 0.14% of Parker-Hannifin worth $137,755,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PH. ING Groep NV bought a new position in shares of Parker-Hannifin in the third quarter valued at $26,398,000. Quadrant Capital Group LLC raised its position in 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 worth $2,521,000 after acquiring an additional 604 shares in the last quarter. Procyon Advisors LLC lifted its stake in Parker-Hannifin by 158,565.9% in the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares during the last quarter. Wilkinson Global Asset Management LLC grew its position in shares of Parker-Hannifin by 28.2% in the 3rd quarter. Wilkinson Global Asset Management LLC now owns 48,434 shares of the industrial products company’s stock valued at $36,720,000 after acquiring an additional 10,653 shares during the period. Finally, Citigroup Inc. grew its position in shares of Parker-Hannifin by 54.7% in the 3rd quarter. Citigroup Inc. now owns 158,668 shares of the industrial products company’s stock valued at $120,294,000 after acquiring an additional 56,103 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $941.00 to $965.00 and gave the company a “hold” rating in a report on Friday, January 30th. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, February 4th. Wells Fargo & Company boosted their price target on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research report on Friday, January 30th. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research report on Friday, January 30th. Finally, Morgan Stanley lifted their target price on Parker-Hannifin from $945.00 to $1,038.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 24th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $995.37.

Parker-Hannifin Trading Down 1.3%

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

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. The firm had revenue of $5.17 billion for 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 company’s revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the company earned $6.53 EPS. On average, research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 6th were given a $1.80 dividend. The ex-dividend date was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 26.26%.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Berend Bracht sold 1,457 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the transaction, the vice president directly owned 2,580 shares of the company’s stock, valued at $2,441,918.40. This trade represents a 36.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Matthew A. Jacobson sold 564 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $949.94, for a total transaction of $535,766.16. Following the completion of the transaction, the vice president owned 1,000 shares of the company’s stock, valued at $949,940. The trade was a 36.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 10,063 shares of company stock valued at $9,891,214 over the last 90 days. 0.32% of the stock is owned by company insiders.

About Parker-Hannifin

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.