StoneX Group Inc. has acquired a new stake in Parker-Hannifin Corporation, investing approximately $1.89 million during the second quarter of 2023. This information comes from StoneX’s recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,698 shares of Parker-Hannifin, reflecting a growing interest in this industrial products company.
Other institutional investors have also adjusted their holdings in Parker-Hannifin. For example, Brighton Jones LLC increased its stake by 5.9% during the fourth quarter, now owning 1,808 shares valued at around $1.15 million. Similarly, Bison Wealth LLC raised its investment by 4.5%, bringing its total to 749 shares worth $476,000. These adjustments demonstrate a broader trend among hedge funds to enhance their positions in the company.
Citigroup Inc. made a notable move by increasing its holdings in Parker-Hannifin by an impressive 182.9% in the first quarter. The bank now owns 228,836 shares, with a total value of approximately $139.1 million. National Bank of Canada FI also expanded its investment by 21.2%, now holding 103,220 shares valued at about $62.7 million. Currently, institutional investors control 82.44% of Parker-Hannifin’s stock.
Parker-Hannifin Stock Performance and Dividends
As of the latest trading session, Parker-Hannifin shares opened at $880.17, reflecting a 0.7% increase. The company has a market capitalization of $111.07 billion and a price-to-earnings ratio of 31.36. Its stock has a 52-week range of $488.45 to $882.00, indicating a robust performance over the past year.
On December 5, 2023, Parker-Hannifin announced a quarterly dividend of $1.80 per share, which was paid to investors who held shares as of November 7. This dividend equates to an annualized payout of $7.20, resulting in a yield of 0.8%. The company’s dividend payout ratio stands at 25.65%, demonstrating a commitment to returning value to shareholders.
Analyst Ratings and Insider Activity
Recent analyst evaluations of Parker-Hannifin reflect a mixed outlook. Argus reiterated a “buy” rating with a price target of $900.00 on November 10, 2023. Conversely, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on November 28. Stifel Nicolaus adjusted its price target from $726.00 to $723.00, maintaining a “hold” rating.
Meanwhile, Robert W. Baird raised its price objective from $930.00 to $960.00, giving the stock an “outperform” rating. Currently, fourteen investment analysts have rated Parker-Hannifin as a “buy,” while five have assigned a “hold” rating. MarketBeat data shows an average rating of “Moderate Buy” and a consensus target price of $875.65.
In terms of insider trading, Vice President Rachid Bendali sold 1,437 shares on November 12 at an average price of $852.99, totaling over $1.22 million. This transaction resulted in a 34.62% decrease in Bendali’s ownership. Similarly, VP Berend Bracht sold 3,507 shares that day at an average price of $864.58, amounting to approximately $3.03 million in value, reducing his stake by 57.61%. Insiders currently hold 0.32% of Parker-Hannifin’s stock.
Parker-Hannifin Corporation specializes in manufacturing motion and control technologies for various markets, including mobile, industrial, and aerospace sectors. The company operates through two divisions: Diversified Industrial and Aerospace Systems, providing a wide range of products that ensure efficiency and reliability in multiple applications.
