Amalgamated Bank Cuts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Amalgamated Bank cut its position in shares of Parker-Hannifin Co. (NYSE:PH) by 3.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,827 shares of the industrial products company’s stock after selling 1,300 shares during the quarter. Amalgamated Bank’s holdings in Parker-Hannifin were worth $15,123,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its position in shares of Parker-Hannifin by 3.2% in the third quarter. Commonwealth Equity Services LLC now owns 36,377 shares of the industrial products company’s stock worth $14,170,000 after acquiring an additional 1,112 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Parker-Hannifin by 0.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,543 shares of the industrial products company’s stock valued at $5,275,000 after purchasing an additional 104 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Parker-Hannifin by 3.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 17,215 shares of the industrial products company’s stock worth $6,706,000 after purchasing an additional 502 shares in the last quarter. Raymond James & Associates boosted its position in shares of Parker-Hannifin by 3.3% in the third quarter. Raymond James & Associates now owns 188,382 shares of the industrial products company’s stock worth $73,379,000 after buying an additional 6,090 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Parker-Hannifin by 5.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 51,372 shares of the industrial products company’s stock valued at $20,010,000 after buying an additional 2,465 shares in the last quarter. Institutional investors and hedge funds own 82.44% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on PH shares. KeyCorp boosted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Evercore ISI upped their target price 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. Barclays dropped their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial upped their price objective on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a research report on Friday. Finally, TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average price target of $523.94.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $5.50 during trading on Friday, reaching $536.18. The stock had a trading volume of 874,291 shares, compared to its average volume of 606,289. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. The stock has a market cap of $68.85 billion, a PE ratio of 26.54, a P/E/G ratio of 1.99 and a beta of 1.51. Parker-Hannifin Co. has a one year low of $319.14 and a one year high of $570.15. The firm’s 50 day moving average price is $544.86 and its two-hundred day moving average price is $481.66.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the previous year, the firm earned $5.93 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. On average, research analysts forecast that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a $1.63 dividend. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is currently 32.28%.

Parker-Hannifin Company 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.