MGO One Seven LLC has significantly increased its investment in Parker-Hannifin Corporation (NYSE:PH), growing its holdings by an impressive 309.7% during the third quarter of 2023. According to filings with the Securities and Exchange Commission (SEC), the fund now owns 7,514 shares of Parker-Hannifin, valued at approximately $5.7 million.
This increase in holdings is part of a broader trend among institutional investors, who have been actively adjusting their stakes in the company. Notably, Norges Bank acquired a new position in Parker-Hannifin valued at $1.35 billion during the second quarter. Meanwhile, the Canada Pension Plan Investment Board raised its stake by 115.7%, now owning 367,904 shares worth approximately $256.97 million after purchasing an additional 197,317 shares.
Another significant player, DZ BANK AG, increased its holdings by 9.1% to own 1,639,582 shares, reflecting a value of about $1.15 billion. Additionally, Lazard Freres Gestion S.A.S. initiated a new position worth around $103.28 million, while AMF Tjanstepension AB boosted its stake by 28.2%, now holding 533,895 shares valued at $372.99 million. Overall, institutional investors and hedge funds now control 82.44% of Parker-Hannifin’s stock.
Analyst Ratings and Price Performance
Recent evaluations from various research firms have reinforced positive sentiment around Parker-Hannifin. Argus reiterated a “buy” rating with a target price of $900.00, while Truist Financial raised its target from $977.00 to $1,097.00, also assigning a “buy” rating. Robert W. Baird increased its price objective from $930.00 to $960.00 with an “outperform” rating.
In total, sixteen analysts classify the stock with a Buy rating, while five analysts have given it a Hold rating. Currently, Parker-Hannifin holds an average rating of “Moderate Buy” with a target price of $932.11, according to data from MarketBeat.
Parker-Hannifin’s stock opened at $928.24 on November 6, 2023, and has demonstrated a strong performance over the past year. The company has a market capitalization of $117.13 billion and reported a P/E ratio of 33.07.
Insider Transactions and Financial Performance
In insider news, Andrew D. Ross, the Chief Operating Officer, sold 2,488 shares on December 11, 2023, at an average price of $894.81, totaling approximately $2.23 million. Following this transaction, Ross’s remaining shares are valued at around $11.74 million, reflecting a reduction of 15.94% in his holdings.
Similarly, Vice President Berend Bracht sold 3,507 shares on November 12, 2023, for a total of about $3.03 million, which represents a decrease of 57.61% in his ownership. In total, insiders have sold 7,432 shares of Parker-Hannifin stock in the last quarter, valued at approximately $6.48 million.
Parker-Hannifin also provided an update on its financial performance, reporting $7.22 earnings per share (EPS) for the quarter ending November 6, 2023, exceeding the consensus estimate of $6.62 by $0.60. The company achieved $5.08 billion in revenue for the quarter, surpassing the expected $4.94 billion. The net margin stood at 18.17%, with a return on equity of 27.23%.
Looking ahead, Parker-Hannifin has set its fiscal year 2026 guidance at an EPS range of $29.60 to $30.40. Analysts project that the company will post an EPS of $26.71 for the current year.
In addition to its financial updates, Parker-Hannifin declared a quarterly dividend of $1.80, paid to shareholders on December 5, 2023. This dividend indicates an annualized payout of $7.20 and a dividend yield of 0.8%, with a current dividend payout ratio of 25.65%.
Parker-Hannifin Corporation is recognized globally as a leading manufacturer of motion and control technologies and systems. Its diverse product portfolio is utilized across various sectors, including industrial manufacturing and aerospace, designed to optimize the movement and flow of liquids and gases.
