Cullen Frost Bankers Inc. Grows Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Cullen Frost Bankers Inc. raised its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 654.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 890 shares of the industrial products company's stock after purchasing an additional 772 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Parker-Hannifin were worth $541,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in Parker-Hannifin during the fourth quarter valued at about $1,106,132,000. GAMMA Investing LLC increased its stake in shares of Parker-Hannifin by 66,111.8% during the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock valued at $1,054,870,000 after buying an additional 1,732,791 shares during the period. Royal Bank of Canada boosted its stake in shares of 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 valued at $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Capital World Investors purchased a new position in shares of Parker-Hannifin during the 4th quarter worth approximately $418,174,000. Finally, OMERS ADMINISTRATION Corp boosted its position in shares of Parker-Hannifin by 6,912.4% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock worth $198,742,000 after purchasing an additional 308,016 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Activity

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 value of $93,055.50. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Trading Down 0.1%

Shares of PH stock traded down $0.73 during mid-day trading on Friday, reaching $722.53. The stock had a trading volume of 485,874 shares, compared to its average volume of 687,632. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $727.30. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The stock's 50-day moving average price is $680.98 and its two-hundred day moving average price is $648.59. The firm has a market capitalization of $92.32 billion, a PE ratio of 27.82, a price-to-earnings-growth ratio of 3.11 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.00%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Analyst Ratings Changes

Several research firms recently issued reports on PH. KeyCorp upped their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Truist Financial lowered their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley lifted their target price on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 9th. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research report on Wednesday, July 9th. Finally, Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $739.12.

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.