Retirement Systems of Alabama Has $53.55 Million Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Retirement Systems of Alabama grew its position in Parker-Hannifin Co. (NYSE:PH) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,195 shares of the industrial products company’s stock after purchasing an additional 1,284 shares during the quarter. Retirement Systems of Alabama’s holdings in Parker-Hannifin were worth $53,551,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. West Branch Capital LLC bought a new position in Parker-Hannifin during the third quarter worth $25,000. Bangor Savings Bank boosted its stake in shares of Parker-Hannifin by 238.5% in the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Prestige Wealth Management Group LLC lifted its position in Parker-Hannifin by 83.3% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 55 shares of the industrial products company’s stock worth $35,000 after buying an additional 25 shares in the last quarter. Bank of New Hampshire acquired a new position in Parker-Hannifin during the 4th quarter worth about $35,000. Finally, Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the 3rd quarter worth about $39,000. Institutional investors own 82.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PH. Truist Financial boosted their price objective on Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. KeyCorp increased their target price on Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Argus upped their price target on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Barclays reduced their price target on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Finally, Stifel Nicolaus increased their price objective on Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin presently has an average rating of “Moderate Buy” and a consensus price target of $725.06.

Parker-Hannifin Stock Down 0.8 %

Shares of NYSE PH opened at $690.21 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a 52 week low of $492.71 and a 52 week high of $718.44. The stock has a market capitalization of $88.84 billion, a P/E ratio of 28.57, a PEG ratio of 2.90 and a beta of 1.45. The stock’s fifty day moving average is $666.68 and its 200 day moving average is $631.59.

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

Parker-Hannifin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s payout ratio is 26.99%.

About Parker-Hannifin

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.