Marks Group Reduces Stake in Parker-Hannifin to $10 Million

Marks Group Wealth Management Inc has reduced its stake in **Parker-Hannifin Corporation** (NYSE: PH) by **6.3%** during the third quarter, as reported in the firm’s latest filing with the **Securities and Exchange Commission (SEC)**. Following the sale of **883 shares**, Marks Group now holds **13,209 shares** of the industrial products company, which represents approximately **0.9%** of its total portfolio and ranks as its **23rd largest holding**. The current value of Marks Group’s investment in Parker-Hannifin stands at **$10,014,000**.

Several other institutional investors have also adjusted their positions in Parker-Hannifin. **Vanguard Group Inc.** increased its stake by **0.9%** in the second quarter, now owning **11,125,240 shares** valued at approximately **$7.77 billion** after acquiring an additional **101,476 shares**. **Procyon Advisors LLC** made a significant increase, boosting its holdings by **158,565.9%** during the third quarter, resulting in ownership of **5,069,374 shares** worth around **$3.84 billion**.

**Invesco Ltd.** and **Ameriprise Financial Inc.** also expanded their holdings, with Invesco growing its position by **1.8%**, now holding **2,345,922 shares** valued at **$1.64 billion**, and Ameriprise increasing its stake by **4.4%** to own **2,194,687 shares** worth **$1.53 billion**. **JPMorgan Chase & Co.** raised its position by **0.7%**, now owning **2,075,234 shares** valued at **$1.45 billion**. Overall, **82.44%** of Parker-Hannifin stock is held by institutional investors and hedge funds.

Recent Insider Transactions

In insider news, **Andrew D. Ross**, Chief Operating Officer of Parker-Hannifin, sold **4,664 shares** on **February 11, 2024**, at an average price of **$999.00** per share, totaling **$4,659,336**. Post-sale, Ross retains **13,120 shares** valued at approximately **$13,106,880**, reflecting a **26.23%** decrease in his position. Additionally, **VP Matthew A. Jacobson** sold **564 shares** on **February 2, 2024**, at an average price of **$949.94**, bringing his remaining shares to **1,000**, valued at **$949,940**, which is a **36.06%** drop in ownership.

Over the past three months, insiders have sold **12,551 shares** of Parker-Hannifin stock worth **$12,117,502**. Currently, corporate insiders hold **0.32%** of the company’s stock.

Parker-Hannifin Financial Performance

Parker-Hannifin reported its quarterly earnings on **January 29, 2024**, posting **$7.65** earnings per share (EPS), exceeding analysts’ expectations of **$7.11** by **$0.54**. The company recorded revenue of **$5.17 billion**, surpassing the consensus estimate of **$5.07 billion**. Parker-Hannifin achieved a **net margin of 17.29%** and a **return on equity of 27.56%**, with quarterly revenue increasing by **9.1%** year-over-year compared to the previous year’s earnings of **$6.53** EPS. Analysts forecast the company will report **$26.71** EPS for the current fiscal year.

The company also declared a quarterly dividend of **$1.80**, which will be paid on **March 6, 2024**, to shareholders of record as of **February 6, 2024**. This dividend represents an annualized payout of **$7.20**, yielding approximately **0.7%**. The ex-dividend date is also set for **February 6, 2024**, and Parker-Hannifin’s current dividend payout ratio stands at **26.26%**.

Analyst Ratings and Future Outlook

Recent evaluations from various research firms indicate a positive outlook for Parker-Hannifin. **The Goldman Sachs Group** reaffirmed a “buy” rating on the stock in a report on **January 29, 2024**. **Susquehanna** maintained a “positive” rating with a price target of **$1,000.00**. Additionally, **Argus** set a price objective of **$900.00**, while **JPMorgan Chase & Co.** increased its target from **$1,083.00** to **$1,100.00**, rating the stock as “overweight.”

Seventeen analysts currently give Parker-Hannifin a “buy” rating, with four assigning a “hold” rating. According to data from **MarketBeat**, the stock has an average rating of “Moderate Buy” and a consensus price target of **$990.47**.

Parker-Hannifin Corporation, headquartered in Ohio, is a global leader in manufacturing motion and control technologies. The company’s extensive product portfolio includes solutions for industrial manufacturing, aerospace, and mobile equipment, among other applications.