Caisse DE Depot ET Placement DU Quebec Makes New $11.15 Million Investment in Parker-Hannifin Co. (NYSE:PH)

Caisse DE Depot ET Placement DU Quebec bought a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 17,528 shares of the industrial products company's stock, valued at approximately $11,148,000.

Several other hedge funds also recently bought and sold shares of the company. World Investment Advisors LLC acquired a new stake in shares of Parker-Hannifin in the 3rd quarter valued at about $584,000. Synovus Financial Corp boosted its position in Parker-Hannifin by 12.5% during the 3rd quarter. Synovus Financial Corp now owns 3,417 shares of the industrial products company's stock worth $2,159,000 after acquiring an additional 380 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Parker-Hannifin by 39.2% in the third quarter. Franklin Resources Inc. now owns 645,516 shares of the industrial products company's stock valued at $415,409,000 after purchasing an additional 181,859 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Parker-Hannifin by 3.7% during the third quarter. B. Riley Wealth Advisors Inc. now owns 2,540 shares of the industrial products company's stock worth $1,598,000 after purchasing an additional 90 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Parker-Hannifin by 13.7% during the 4th quarter. GAMMA Investing LLC now owns 2,621 shares of the industrial products company's stock worth $1,667,000 after buying an additional 315 shares during the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president now owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.39% of the company's stock.

Parker-Hannifin Price Performance

Shares of PH traded up $4.35 during trading hours on Friday, hitting $644.05. 595,862 shares of the company were exchanged, compared to its average volume of 716,430. The company has a market cap of $82.90 billion, a price-to-earnings ratio of 26.66, a P/E/G ratio of 2.85 and a beta of 1.36. The firm's fifty day moving average is $597.93 and its 200 day moving average is $645.23. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

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

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend is Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Wall Street Analyst Weigh In

PH has been the subject of several recent research reports. Truist Financial reduced their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Evercore ISI upped their price target on shares of Parker-Hannifin from $777.00 to $824.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Wells Fargo & Company lifted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. KeyCorp upped their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Finally, Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $710.12.

Parker-Hannifin 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.