Jennison Associates LLC Has $211.35 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

Jennison Associates LLC raised its position in shares of Parker-Hannifin Co. (NYSE:PH) by 13.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,505 shares of the industrial products company’s stock after acquiring an additional 39,837 shares during the period. Jennison Associates LLC’s holdings in Parker-Hannifin were worth $211,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. PCJ Investment Counsel Ltd. raised its position in shares of Parker-Hannifin by 27.2% during the third quarter. PCJ Investment Counsel Ltd. now owns 6,360 shares of the industrial products company’s stock valued at $4,018,000 after buying an additional 1,360 shares during the last quarter. Strategy Asset Managers LLC acquired a new position in Parker-Hannifin in the third quarter worth about $355,000. PNC Financial Services Group Inc. raised its position in Parker-Hannifin by 0.5% in the third quarter. PNC Financial Services Group Inc. now owns 280,716 shares of the industrial products company’s stock worth $177,362,000 after purchasing an additional 1,427 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Parker-Hannifin during the third quarter worth about $5,619,000. Finally, SouthState Corp boosted its holdings in Parker-Hannifin by 4.9% during the third quarter. SouthState Corp now owns 30,761 shares of the industrial products company’s stock valued at $19,435,000 after purchasing an additional 1,436 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Robert W. Baird upped their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Truist Financial lifted their target price on shares of Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Argus boosted their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, TD Cowen increased their price target on shares of Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $688.07.

Parker-Hannifin Price Performance

Shares of PH opened at $689.56 on Wednesday. The company has a 50 day moving average of $640.59 and a 200-day moving average of $577.60. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $88.76 billion, a P/E ratio of 31.15, a P/E/G ratio of 2.82 and a beta of 1.43. Parker-Hannifin Co. has a twelve month low of $426.49 and a twelve month high of $711.60.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a net margin of 14.47% and a return on equity of 27.95%. The business had revenue of $4.90 billion during the quarter, compared to the consensus estimate of $4.90 billion. During the same quarter last year, the firm earned $5.96 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities research analysts forecast that Parker-Hannifin Co. will post 26.77 EPS for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, November 8th. Parker-Hannifin’s dividend payout ratio (DPR) is 29.45%.

Insider Activity

In other Parker-Hannifin news, VP Berend Bracht sold 850 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $592.92, for a total value of $503,982.00. Following the transaction, the vice president now directly owns 3,350 shares of the company’s stock, valued at $1,986,282. This represents a 20.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph R. Leonti sold 5,877 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $631.04, for a total value of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,927 shares of company stock valued at $12,807,811. 0.39% of the stock is owned by insiders.

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.