Bartlett & CO. Wealth Management LLC Increases Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Bartlett & CO. Wealth Management LLC grew its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 25.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,954 shares of the industrial products company's stock after purchasing an additional 603 shares during the period. Bartlett & CO. Wealth Management LLC's holdings in Parker-Hannifin were worth $1,795,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PH. HUB Investment Partners LLC increased its holdings in Parker-Hannifin by 15.7% during the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock worth $4,960,000 after buying an additional 1,057 shares during the last quarter. Congress Wealth Management LLC DE increased its holdings in Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after buying an additional 18,503 shares during the last quarter. Washington Trust Bank increased its holdings in Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after buying an additional 15,037 shares during the last quarter. SG Americas Securities LLC increased its holdings in Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock worth $18,850,000 after buying an additional 6,630 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Parker-Hannifin by 7.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company's stock worth $42,801,000 after buying an additional 4,668 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PH. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Citigroup decreased their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Barclays decreased their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Truist Financial cut 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and an average price target of $719.71.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.39% of the stock is currently owned by company insiders.

Parker-Hannifin Price Performance

PH stock opened at $700.97 on Friday. The firm has a 50 day moving average of $648.74 and a 200-day moving average of $642.64. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $718.44. The firm has a market capitalization of $89.57 billion, a P/E ratio of 26.99, a price-to-earnings-growth ratio of 3.22 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released 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 net margin of 17.14% and a return on equity of 26.80%. The company had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the business earned $6.51 earnings per share. Parker-Hannifin's revenue was down 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. The ex-dividend date was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.03%. Parker-Hannifin's payout ratio is presently 27.72%.

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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