Apollon Wealth Management LLC Purchases 8,444 Shares of Parker-Hannifin Corporation (NYSE:PH)

Apollon Wealth Management LLC raised its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 162.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,657 shares of the industrial products company's stock after acquiring an additional 8,444 shares during the quarter. Apollon Wealth Management LLC's holdings in Parker-Hannifin were worth $8,302,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin in the 4th quarter worth about $25,000. Millstone Evans Group LLC bought a new stake in shares of Parker-Hannifin during the fourth quarter worth about $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $32,000. Olde Wealth Management LLC bought a new position in Parker-Hannifin in the 1st quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC boosted its position in Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after buying an additional 60 shares during the period. Institutional investors own 82.44% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. 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 report on Tuesday, April 8th. Citigroup lifted their price objective on Parker-Hannifin from $709.00 to $831.00 and gave the stock a "buy" rating in a research note on Monday. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a research report on Friday, May 16th. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $735.88.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were 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 directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Down 0.4%

Shares of PH traded down $2.60 during trading hours on Monday, hitting $712.31. The stock had a trading volume of 345,030 shares, compared to its average volume of 766,679. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $720.90. The firm has a market capitalization of $91.02 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 3.07 and a beta of 1.34. The firm has a 50 day simple moving average of $672.33 and a 200-day simple moving average of $645.96. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data 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 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the firm posted $6.51 earnings per share. The company's revenue for the quarter 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 fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a dividend of $1.80 per share. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.01%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

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.