Alteri Wealth LLC Invests $1 Million in Parker-Hannifin Co. (NYSE:PH)

Alteri Wealth LLC purchased a new position in Parker-Hannifin Co. (NYSE:PH - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,578 shares of the industrial products company's stock, valued at approximately $1,004,000.

A number of other hedge funds have also modified their holdings of the stock. Whipplewood Advisors LLC bought a new position in Parker-Hannifin during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at $30,000. Bank of New Hampshire acquired a new position in Parker-Hannifin during the 4th quarter worth about $35,000. Finally, Kestra Investment Management LLC acquired a new stake in Parker-Hannifin during the 4th quarter worth about $40,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

PH has been the topic of several recent analyst reports. Barclays cut their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Evercore ISI boosted their price target on Parker-Hannifin from $777.00 to $824.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Wells Fargo & Company increased their target price on Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Citigroup cut their target price on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, UBS Group lowered their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $711.88.

Parker-Hannifin Stock Down 0.2 %

NYSE:PH traded down $1.49 during mid-day trading on Tuesday, hitting $615.08. The company had a trading volume of 603,791 shares, compared to its average volume of 713,874. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 1 year low of $488.45 and a 1 year high of $718.44. The business has a fifty day simple moving average of $599.84 and a 200-day simple moving average of $645.59. The firm has a market capitalization of $79.17 billion, a price-to-earnings ratio of 25.46, a PEG ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the company earned $6.51 earnings per share. The company's quarterly revenue was down 2.2% compared to the same quarter last year. Equities analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.17%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date is Friday, May 9th. Parker-Hannifin's payout ratio is presently 27.72%.

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.