Confluence Wealth Services Inc. Invests $391,000 in Parker-Hannifin Corporation (NYSE:PH)

Confluence Wealth Services Inc. purchased a new stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 674 shares of the industrial products company's stock, valued at approximately $391,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $1,106,132,000. GAMMA Investing LLC grew its holdings in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after acquiring an additional 1,732,791 shares during the last quarter. Royal Bank of Canada grew its holdings in Parker-Hannifin by 99.8% during the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. Capital World Investors acquired a new stake in Parker-Hannifin in the 4th quarter valued at about $418,174,000. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Parker-Hannifin by 6,912.4% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock worth $198,742,000 after acquiring an additional 308,016 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on PH shares. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Evercore ISI upped their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Argus set a $680.00 price objective on Parker-Hannifin in a research report on Tuesday, May 6th. Truist Financial lowered their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Finally, Morgan Stanley initiated coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price target on the stock. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of PH stock opened at $700.97 on Monday. 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 Corporation has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a fifty day moving average of $648.74 and a 200-day moving average of $642.05. The firm has a market capitalization of $89.57 billion, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 3.27 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted 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 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 period in the previous year, the firm earned $6.51 earnings per share. The company's revenue was down 2.2% on a year-over-year basis. On average, equities research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Insider Transactions 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 stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.39% of the stock is owned by 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.

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