Diversify Wealth Management LLC Makes New $215,000 Investment in Parker-Hannifin Corporation (NYSE:PH)

Diversify Wealth Management LLC acquired a new stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 357 shares of the industrial products company's stock, valued at approximately $215,000.

A number of other large investors have also recently added to or reduced their stakes in PH. Norges Bank purchased a new position in shares of Parker-Hannifin during the 4th quarter worth about $1,106,132,000. GAMMA Investing LLC raised its holdings in Parker-Hannifin by 66,111.8% in 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 raised its holdings in Parker-Hannifin by 99.8% in the fourth 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 buying an additional 1,137,564 shares during the period. Capital World Investors purchased a new position in Parker-Hannifin in the fourth quarter valued at approximately $418,174,000. Finally, OMERS ADMINISTRATION Corp raised its holdings in 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 valued at $198,742,000 after buying an additional 308,016 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction 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. The trade was a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently commented on the stock. KeyCorp raised 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. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Citigroup reaffirmed a "buy" rating and issued a $831.00 price objective (up previously from $709.00) on shares of Parker-Hannifin in a research report on Monday. Truist Financial lowered their price objective 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. Finally, Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $739.12.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded down $2.55 during midday trading on Friday, reaching $720.71. 233,205 shares of the company traded hands, compared to its average volume of 686,846. The stock has a 50-day moving average price of $679.48 and a 200 day moving average price of $647.91. The company has a market cap of $92.09 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 3.05 and a beta of 1.34. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $736.75. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

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, topping analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $6.51 earnings per share. Sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

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.