SouthState Corp Has $19.68 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

SouthState Corp lifted its stake in Parker-Hannifin Co. (NYSE:PH) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,937 shares of the industrial products company’s stock after acquiring an additional 176 shares during the period. Parker-Hannifin makes up 1.3% of SouthState Corp’s portfolio, making the stock its 22nd largest holding. SouthState Corp’s holdings in Parker-Hannifin were worth $19,677,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PH. Whipplewood Advisors LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth $25,000. Prestige Wealth Management Group LLC boosted its stake in Parker-Hannifin by 83.3% during the third 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 stake in Parker-Hannifin during the fourth quarter worth $35,000. Kestra Investment Management LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth $40,000. Finally, Hager Investment Management Services LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth $44,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PH shares. UBS Group cut their price objective on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a report on Friday, January 31st. StockNews.com raised Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Saturday, February 8th. Barclays cut their price objective on Parker-Hannifin from $791.00 to $750.00 and set an “overweight” rating for the company in a report on Monday, March 10th. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a report on Thursday, December 12th. Finally, Wells Fargo & Company lifted their price objective on Parker-Hannifin from $710.00 to $775.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Price Performance

Shares of PH stock opened at $608.17 on Monday. The stock has a 50-day moving average price of $662.02 and a 200 day moving average price of $651.99. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The firm has a market cap of $78.28 billion, a price-to-earnings ratio of 25.17, a PEG ratio of 2.85 and a beta of 1.50. Parker-Hannifin Co. has a 12 month low of $492.71 and a 12 month high of $718.44.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping 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%. Research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 7th were given a dividend of $1.63 per share. The ex-dividend date was Friday, February 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin’s payout ratio is currently 26.99%.

Parker-Hannifin Company 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.