Quest 10 Wealth Builders Inc. has reduced its stake in Parker-Hannifin Corporation (NYSE:PH) by 25.0% during the first quarter of 2023. According to the company’s recent Form 13F filing with the Securities and Exchange Commission, Quest 10 now holds 60 shares after selling 20 shares in this period. The value of these holdings was approximately $36,000 at the end of the quarter.
This reduction in shares comes as several other institutional investors have adjusted their positions in Parker-Hannifin. For instance, Vanguard Group Inc. increased its holdings by 1.0% during the fourth quarter, acquiring an additional 111,406 shares. Vanguard now owns 10,854,774 shares, valued at around $6.9 billion. Similarly, Geode Capital Management LLC raised its stake by 3.9%, while Invesco Ltd. expanded its position by 8.6% during the same quarter.
Another significant move was made by the Royal Bank of Canada, which increased its holdings by an impressive 99.8%. Following this acquisition, the bank now owns 2,277,001 shares, valued at approximately $1.45 billion. Meanwhile, DZ BANK AG raised its position by 9.3%, now holding 2,016,091 shares worth about $1.28 billion. Overall, institutional investors and hedge funds currently own 82.44% of Parker-Hannifin’s stock.
Insider Trading and Stock Performance
In related news, Vice President Jay Reidy sold 150 shares of Parker-Hannifin on May 2, 2023, at an average price of $620.37. This sale amounted to approximately $93,055.50, marking a 6.72% decrease in Reidy’s position, which now stands at 2,083 shares, valued at around $1.29 million. Such transactions are disclosed through legal filings with the Securities and Exchange Commission, which can be accessed on their website.
Parker-Hannifin’s latest earnings report, released on May 1, 2023, revealed earnings per share (EPS) of $6.94, surpassing the consensus estimate of $6.72 by $0.22. The company reported a net margin of 17.14% and a return on equity of 26.80%. Although revenue for the quarter was reported at $4.96 billion, it fell short of analysts’ expectations of $4.99 billion and represented a 2.2% decline compared to the same quarter last year.
Dividend Increase and Analyst Ratings
On June 6, 2023, Parker-Hannifin announced a quarterly dividend of $1.80 per share. This marked an increase from the previous dividend of $1.63. The ex-dividend date was set for May 9, 2023. The new dividend represents an annualized payout of $7.20, yielding approximately 1.01%, with a payout ratio of 27.72%.
Wall Street analysts have responded positively to Parker-Hannifin’s performance, with several firms adjusting their target prices. Barclays raised its target from $700.00 to $750.00, while KeyCorp increased its price objective from $690.00 to $735.00. Additionally, Mizuho set a target of $785.00, and Evercore ISI raised theirs from $824.00 to $827.00. Currently, five analysts rate Parker-Hannifin as a hold, while thirteen recommend buying the stock, leading to an average rating of “Moderate Buy” with a consensus target price of $726.12.
Parker-Hannifin Corporation is a leader in manufacturing motion and control technologies across various sectors, including mobile, industrial, and aerospace markets. The company operates through two main segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers a wide range of products, including sealing solutions, filters, and hydraulic components, catering to the needs of diverse industries worldwide.
For further insights and updates on Parker-Hannifin, investors can access the latest 13F filings and insider trades on platforms like HoldingsChannel.com.
