Verdence Capital Acquires Stake in Parker-Hannifin Corporation

Verdence Capital Advisors LLC has taken a new position in Parker-Hannifin Corporation (NYSE: PH) during the second quarter of 2023. This acquisition was noted in the company’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm purchased 290 shares of the industrial products company, amounting to a total value of approximately $203,000.

In addition to Verdence, several other institutional investors have adjusted their holdings in Parker-Hannifin. Brighton Jones LLC increased its stake by 5.9% in the fourth quarter, now owning 1,808 shares valued at $1.15 million after acquiring 101 additional shares. Bison Wealth LLC also expanded its position by 4.5%, bringing its total to 749 shares valued at $476,000 following the purchase of 32 shares.

The activity does not stop there. GAMMA Investing LLC boosted its stake by 8.9% in the first quarter, owning 2,855 shares worth $1.735 million after purchasing 234 shares. Similarly, Grimes & Company Inc. increased its stake by 7.7%, now holding 461 shares valued at $280,000, while Robertson Stephens Wealth Management LLC raised its holdings by 3.9%, owning 1,185 shares valued at $721,000.

Institutional and hedge fund investors currently hold approximately 82.44% of Parker-Hannifin’s stock, reflecting a strong institutional interest in the company.

Insider Transactions and Stock Performance

Recent insider trading activity has also garnered attention. On August 8, 2023, Robert W. Malone, Vice President of Parker-Hannifin, sold 2,257 shares for an average price of $730.66, totaling approximately $1.65 million. Post-sale, Malone holds 5,866 shares, valued at around $4.29 million, marking a 27.79% decrease in his ownership.

Another executive, Thomas C. Gentile, also sold shares on the same day, offloading 1,133 shares at an average price of $729.50, resulting in approximately $826,524 in proceeds. Following this transaction, Gentile possesses 5,465 shares valued at $3.99 million, a 17.17% decrease in ownership. In total, insiders sold 14,039 shares worth about $10.36 million over the last quarter, while insiders currently own 0.32% of the company.

As for stock performance, shares of Parker-Hannifin opened at $724.88 on the latest trading day, with a market capitalization of $91.73 billion. The company has a price-to-earnings (P/E) ratio of 26.73 and a beta of 1.35. Parker-Hannifin’s stock has seen a 50-day simple moving average of $750.37 and a 200-day moving average of $688.28. The stock has fluctuated between a one-year low of $488.45 and a high of $779.77.

Recent Earnings and Dividend Announcements

On August 7, 2023, Parker-Hannifin announced its earnings for the previous quarter, reporting earnings per share (EPS) of $7.69. This figure surpassed analysts’ estimates of $7.08 by $0.61. The company achieved revenue of $5.24 billion, exceeding expectations of $5.10 billion. The firm recorded a return on equity of 26.80% and a net margin of 17.79%, with revenue growth of 1.1% compared to the same quarter last year.

Looking ahead, Parker-Hannifin has set its fiscal year 2026 guidance at EPS between $28.40 and $29.40, while analysts anticipate an EPS of $26.71 for the current fiscal year.

Additionally, the company has declared a quarterly dividend of $1.80 per share, which was paid on September 12, 2023. Shareholders of record on September 2, 2023, received this dividend, resulting in an annualized dividend of $7.20 and a dividend yield of 1.0%. The ex-dividend date was also set for September 2.

Parker-Hannifin Corporation specializes in manufacturing and selling motion and control technologies for a variety of mobile, industrial, and aerospace markets globally. The company operates through two main segments: Diversified Industrial and Aerospace Systems, providing a range of products and solutions designed to enhance performance and reliability across various applications.