Marks Group Wealth Management Inc has decreased its investment in Parker-Hannifin Corporation (NYSE: PH) by 6.3%, according to the firm’s recent filing with the Securities and Exchange Commission (SEC). After selling 883 shares during the third quarter of 2024, Marks Group now holds 13,209 shares valued at approximately $10.01 million. This reduction places Parker-Hannifin as the 23rd largest holding in Marks Group’s portfolio, accounting for about 0.9% of its total assets.
Several institutional investors have also recently adjusted their positions in Parker-Hannifin. For instance, Vanguard Group Inc. increased its stake by 0.9% during the second quarter, acquiring an additional 101,476 shares. Vanguard now owns a total of 11,125,240 shares, worth around $7.77 billion. Meanwhile, Procyon Advisors LLC made a significant move, raising its holdings by 158,565.9% in the third quarter, bringing its total to 5,069,374 shares valued at approximately $3.84 billion.
Invesco Ltd. and Ameriprise Financial Inc. also expanded their investments, with Invesco increasing its holdings by 1.8%, owning now 2,345,922 shares valued at $1.64 billion, while Ameriprise raised its stake by 4.4%, totaling 2,194,687 shares worth $1.53 billion. Additionally, JPMorgan Chase & Co. raised its position by 0.7%, now holding 2,075,234 shares valued at approximately $1.45 billion. Overall, institutional investors and hedge funds control about 82.44% of Parker-Hannifin’s stock.
Insider Transactions and Company Performance
In related news, Chief Operating Officer Andrew D. Ross sold 4,664 shares of Parker-Hannifin on February 11, 2024, at an average price of $999.00, totaling $4.66 million. Following this transaction, Ross owns 13,120 shares valued at around $13.11 million, reflecting a 26.23% decrease in his holdings. Vice President Matthew A. Jacobson also sold 564 shares on February 2, 2024, at an average price of $949.94, resulting in a total transaction of $535,766.16. Following this sale, Jacobson retains 1,000 shares valued at $949,940, marking a 36.06% decrease in his ownership. In total, insiders have sold 12,551 shares worth about $12.12 million over the past three months, with corporate insiders owning only 0.32% of the company’s stock.
Parker-Hannifin’s stock recently increased by 1.0% following the company’s quarterly earnings announcement on January 29, 2024. The company reported earnings of $7.65 per share, surpassing analysts’ expectations of $7.11 by $0.54. Revenue reached $5.17 billion, exceeding the anticipated $5.07 billion and representing a year-over-year increase of 9.1%. The company achieved a net margin of 17.29% and a return on equity of 27.56%. Analysts project that Parker-Hannifin will post earnings of $26.71 per share for the current fiscal year.
Dividend and Analyst Ratings
Parker-Hannifin has also declared a quarterly dividend of $1.80, which will be distributed to shareholders on March 6, 2024. Shareholders recorded as of February 6, 2024, will receive this payment, translating to an annualized dividend of $7.20 and a yield of 0.7%. The company’s dividend payout ratio currently stands at 26.26%.
Numerous research firms have recently updated their ratings on Parker-Hannifin. The Goldman Sachs Group reaffirmed a “buy” rating on January 29, while Susquehanna set a price target of $1,000.00. Argus also reiterated a “buy” rating with a price objective of $900.00. JPMorgan Chase & Co. raised its target price from $1,083.00 to $1,100.00, giving the stock an “overweight” rating. Overall, 17 analysts have rated Parker-Hannifin as a “buy,” with an additional four assigning a “hold” rating, resulting in an average rating of “Moderate Buy” and a consensus price target of $990.47.
Parker-Hannifin Corporation is a leading global manufacturer and provider of motion and control technologies, serving various sectors including industrial manufacturing and aerospace. The company’s extensive product portfolio includes hydraulic and pneumatic components, valves, pumps, and filtration systems, catering to a diverse range of applications in demanding environments.
