SouthState Corp Acquires 3,654 Shares of Parker-Hannifin Co. (NYSE:PH)

SouthState Corp boosted its holdings in Parker-Hannifin Co. (NYSE:PH) by 16.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 26,277 shares of the industrial products company’s stock after buying an additional 3,654 shares during the period. SouthState Corp’s holdings in Parker-Hannifin were worth $12,106,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PH. Beaumont Asset Management L.L.C. grew its position in shares of Parker-Hannifin by 0.8% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 3,071 shares of the industrial products company’s stock valued at $1,415,000 after acquiring an additional 24 shares during the period. Wilbanks Smith & Thomas Asset Management LLC raised its holdings in Parker-Hannifin by 0.7% during the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,637 shares of the industrial products company’s stock worth $1,417,000 after purchasing an additional 25 shares in the last quarter. M&R Capital Management Inc. grew its position in shares of Parker-Hannifin by 25.0% in the fourth quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 25 shares during the last quarter. Private Trust Co. NA grew its holdings in Parker-Hannifin by 0.7% during the 4th quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company’s stock valued at $1,730,000 after purchasing an additional 25 shares in the last quarter. Finally, Keel Point LLC grew its holdings in Parker-Hannifin by 3.1% during the 4th quarter. Keel Point LLC now owns 842 shares of the industrial products company’s stock worth $388,000 after acquiring an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PH shares. Evercore ISI increased their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research note on Tuesday, February 20th. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Stifel Nicolaus increased their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Barclays lifted their price objective on Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Finally, Truist Financial assumed coverage on Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

Parker-Hannifin Price Performance

Shares of PH traded down $12.28 during mid-day trading on Thursday, hitting $530.68. 1,724,470 shares of the company traded hands, compared to its average volume of 601,910. Parker-Hannifin Co. has a one year low of $319.14 and a one year high of $570.15. The stock has a market capitalization of $68.14 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 1.99 and a beta of 1.51. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The business has a 50-day moving average of $544.84 and a 200 day moving average of $481.32.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.76 EPS. As a group, equities analysts expect that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be issued a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.31%.

Insider Activity

In related news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the sale, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Andrew D. Ross sold 3,904 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,079 shares of company stock worth $6,099,566. 1.03% of the stock is owned by corporate insiders.

Parker-Hannifin Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.