Adams Diversified Equity Fund Inc. Purchases 2,000 Shares of Parker-Hannifin Corporation (NYSE:PH)

Adams Diversified Equity Fund Inc. lifted its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 5.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,300 shares of the industrial products company's stock after purchasing an additional 2,000 shares during the quarter. Adams Diversified Equity Fund Inc.'s holdings in Parker-Hannifin were worth $22,673,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PH. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $32,000. Finally, Meeder Asset Management Inc. increased its stake in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after acquiring an additional 45 shares during the last quarter. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Up 1.7%

Shares of NYSE:PH opened at $675.64 on Wednesday. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $718.44. The stock has a market cap of $86.33 billion, a P/E ratio of 26.02, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34. The business's 50 day moving average is $641.02 and its 200 day moving average is $642.21. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

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, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the prior year, the firm earned $6.51 earnings per share. Parker-Hannifin's revenue was down 2.2% compared to the same quarter last year. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.07%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Mizuho set a $785.00 price objective on Parker-Hannifin in a research note on Friday, May 16th. Morgan Stanley started coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an "equal weight" rating and a $700.00 target price on the stock. KeyCorp upped their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. 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, Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin presently has an average rating of "Moderate Buy" and an average price target of $719.71.

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is owned by company insiders.

About Parker-Hannifin

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.

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