Bridgewater Advisors Inc. Takes $315,000 Position in Parker-Hannifin Corporation (NYSE:PH)

Bridgewater Advisors Inc. bought a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 522 shares of the industrial products company's stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. First Manhattan CO. LLC. increased its position in shares of Parker-Hannifin by 1.0% during the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after acquiring an additional 15 shares in the last quarter. Becker Capital Management Inc. grew its position in Parker-Hannifin by 3.4% in the fourth 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 in the last quarter. Citizens National Bank Trust Department grew its position in Parker-Hannifin by 8.5% in the first 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 in the last quarter. Sunbelt Securities Inc. raised its holdings 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 purchasing an additional 18 shares during the period. Finally, Ellevest Inc. raised its holdings in shares of Parker-Hannifin by 5.7% in the 4th quarter. Ellevest Inc. now owns 351 shares of the industrial products company's stock valued at $223,000 after purchasing an additional 19 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PH shares. Argus set a $680.00 target price on shares of Parker-Hannifin in a report on Tuesday, May 6th. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $670.00 to $709.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Citigroup restated a "buy" rating and issued a $831.00 target price (up from $709.00) on shares of Parker-Hannifin in a research report on Monday. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Finally, KeyCorp lifted their price target on shares of Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average price target of $739.12.

Parker-Hannifin Trading Up 1.9%

Shares of NYSE:PH traded up $13.25 during trading on Thursday, reaching $723.47. The stock had a trading volume of 543,083 shares, compared to its average volume of 688,612. The firm's fifty day moving average is $677.83 and its 200 day moving average is $647.31. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $743.22. The stock has a market cap of $92.45 billion, a price-to-earnings ratio of 27.86, a P/E/G ratio of 3.05 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released 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. 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 for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the company earned $6.51 EPS. Parker-Hannifin's quarterly revenue was down 2.2% compared to the same quarter last year. As a group, equities analysts forecast 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 1.00%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

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 shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president owned 2,083 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Company 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.