Principal Financial Group Inc. Cuts Holdings in Parker-Hannifin Co. (NYSE:PH)

Principal Financial Group Inc. decreased its holdings in Parker-Hannifin Co. (NYSE:PH) by 10.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 699,730 shares of the industrial products company’s stock after selling 85,567 shares during the period. Principal Financial Group Inc. owned approximately 0.54% of Parker-Hannifin worth $445,050,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in PH. West Branch Capital LLC purchased a new stake in shares of Parker-Hannifin in the 3rd quarter valued at $25,000. Prestige Wealth Management Group LLC boosted its stake in shares of Parker-Hannifin by 83.3% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 25 shares in the last quarter. Bank of New Hampshire bought a new stake in Parker-Hannifin during the 4th quarter valued at $35,000. Northwest Investment Counselors LLC bought a new stake in Parker-Hannifin during the 3rd quarter valued at $39,000. Finally, Hager Investment Management Services LLC bought a new stake in Parker-Hannifin during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PH shares. Barclays lowered their price target on shares of Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Argus upped their price target on shares of Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Robert W. Baird upped their price target on shares of Parker-Hannifin from $695.00 to $710.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Truist Financial upped their price target on shares of Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, UBS Group decreased their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a report on Friday, January 31st. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $729.18.

Parker-Hannifin Stock Up 0.9 %

Shares of Parker-Hannifin stock opened at $700.13 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The company has a 50-day moving average of $664.47 and a 200 day moving average of $639.83. The firm has a market cap of $90.12 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 2.84 and a beta of 1.45. Parker-Hannifin Co. has a 1 year low of $492.71 and a 1 year high of $718.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, sell-side analysts anticipate that Parker-Hannifin Co. will post 26.67 earnings per share for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 0.93%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s dividend payout ratio (DPR) is 26.99%.

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.