Brookstone Capital Management Boosts Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Brookstone Capital Management lifted its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 13.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,255 shares of the industrial products company's stock after buying an additional 737 shares during the quarter. Brookstone Capital Management's holdings in Parker-Hannifin were worth $3,802,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. HUB Investment Partners LLC increased its position in shares of Parker-Hannifin by 15.7% in the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock worth $4,960,000 after acquiring an additional 1,057 shares in the last quarter. SG Americas Securities LLC increased its holdings in Parker-Hannifin by 27.2% in the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after purchasing an additional 6,630 shares in the last quarter. Congress Wealth Management LLC DE lifted its stake in shares of 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 purchasing an additional 18,503 shares in the last quarter. Washington Trust Bank lifted its stake in shares of 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 purchasing an additional 15,037 shares in the last quarter. Finally, Alley Investment Management Company LLC purchased a new stake in shares of Parker-Hannifin in the first quarter worth about $7,996,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

Shares of PH stock traded down $12.95 on Monday, reaching $706.20. The company had a trading volume of 805,275 shares, compared to its average volume of 698,372. The business's 50-day moving average is $662.00 and its 200 day moving average is $643.86. Parker-Hannifin Corporation has a one year low of $488.45 and a one year 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. The stock has a market capitalization of $90.24 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $6.51 earnings per share. Equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date of this dividend 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 1.02%. Parker-Hannifin's payout ratio is 27.72%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. KeyCorp raised their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Evercore ISI raised their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Stifel Nicolaus upped their price target 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. Citigroup decreased their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Truist Financial cut their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $719.41.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president directly owned 2,083 shares in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.39% of the company's stock.

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.