Banque Pictet & Cie SA Acquires 567 Shares of Parker-Hannifin Corporation (NYSE:PH)

Banque Pictet & Cie SA grew its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 15.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,257 shares of the industrial products company's stock after acquiring an additional 567 shares during the period. Banque Pictet & Cie SA's holdings in Parker-Hannifin were worth $2,588,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. First Manhattan CO. LLC. raised its stake in Parker-Hannifin by 1.0% during the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock valued at $1,005,000 after purchasing an additional 15 shares during the last quarter. Becker Capital Management Inc. raised its stake in Parker-Hannifin by 3.4% during the 4th quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock valued at $307,000 after purchasing an additional 16 shares during the last quarter. Northwest Wealth Management LLC raised its stake in Parker-Hannifin by 3.0% during the 4th quarter. Northwest Wealth Management LLC now owns 578 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 17 shares during the last quarter. Citizens National Bank Trust Department raised its stake in Parker-Hannifin by 8.5% during the 1st quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock valued at $132,000 after purchasing an additional 17 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of Parker-Hannifin by 1.6% in the 1st quarter. Sunbelt Securities Inc. now owns 1,175 shares of the industrial products company's stock valued at $714,000 after buying an additional 18 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Wells Fargo & Company increased their target price on shares of Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research report on Monday, June 2nd. Morgan Stanley increased their target price on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Truist Financial dropped their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $723.82.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded up $6.80 during trading on Thursday, reaching $714.39. The company's stock had a trading volume of 442,374 shares, compared to its average volume of 697,642. The business's 50-day moving average price is $668.34 and its 200-day moving average price is $645.14. The firm has a market cap of $91.28 billion, a PE ratio of 27.51, a P/E/G ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $720.90. 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 earnings results 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. The company had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. Parker-Hannifin's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.51 earnings per share. Equities analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

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

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the 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 sale, the vice president directly owned 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.39% of the stock is owned by corporate 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.