SouthState Corp Has $19.44 Million Holdings in Parker-Hannifin Co. (NYSE:PH)

SouthState Corp lifted its holdings in Parker-Hannifin Co. (NYSE:PH) by 4.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,761 shares of the industrial products company’s stock after acquiring an additional 1,436 shares during the quarter. Parker-Hannifin makes up approximately 1.3% of SouthState Corp’s holdings, making the stock its 23rd largest holding. SouthState Corp’s holdings in Parker-Hannifin were worth $19,435,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PH. Acadian Asset Management LLC boosted its holdings in shares of Parker-Hannifin by 458.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,354 shares of the industrial products company’s stock worth $1,862,000 after acquiring an additional 2,753 shares in the last quarter. Edgestream Partners L.P. lifted its stake in shares of Parker-Hannifin by 40.9% in the 1st quarter. Edgestream Partners L.P. now owns 981 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 285 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Parker-Hannifin by 32.4% in the 1st quarter. Clearbridge Investments LLC now owns 2,650 shares of the industrial products company’s stock valued at $1,473,000 after purchasing an additional 649 shares during the period. UniSuper Management Pty Ltd increased its position in shares of Parker-Hannifin by 198.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,441 shares of the industrial products company’s stock valued at $1,912,000 after buying an additional 2,289 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Parker-Hannifin by 162.6% in the 1st quarter. Bessemer Group Inc. now owns 10,109 shares of the industrial products company’s stock valued at $5,617,000 after buying an additional 6,260 shares in the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total transaction of $1,703,818.80. Following the completion of the sale, the vice president now directly owns 5,465 shares in the company, valued at $3,831,839.40. This represents a 30.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Joseph R. Leonti sold 5,877 shares of the 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 completion of the sale, the vice president now owns 15,350 shares of the company’s stock, valued at approximately $9,686,464. This trade represents a 27.69 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,927 shares of company stock worth $12,807,811. 0.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

PH has been the subject of a number of research reports. Wells Fargo & Company increased their target price on Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. TD Cowen raised their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Barclays upped their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 2nd. Truist Financial increased their price objective on Parker-Hannifin from $673.00 to $788.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Argus increased their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $688.07.

Parker-Hannifin Stock Down 1.0 %

PH stock opened at $691.68 on Tuesday. The stock’s fifty day simple moving average is $638.42 and its two-hundred day simple moving average is $576.52. The company has a current ratio of 0.96, a quick ratio of 0.57 and a debt-to-equity ratio of 0.52. Parker-Hannifin Co. has a 1-year low of $426.49 and a 1-year high of $711.60. The stock has a market cap of $89.03 billion, a P/E ratio of 31.24, a P/E/G ratio of 2.82 and a beta of 1.43.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 EPS for the quarter, beating analysts’ consensus estimates of $6.14 by $0.06. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. The firm had revenue of $4.90 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the firm earned $5.96 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. Analysts expect that Parker-Hannifin Co. will post 26.77 EPS for the current year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 8th will be paid a dividend of $1.63 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.94%. Parker-Hannifin’s payout ratio is 29.45%.

Parker-Hannifin Profile

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.