Edgestream Partners L.P. Boosts Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Edgestream Partners L.P. grew its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1,068.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,890 shares of the industrial products company's stock after acquiring an additional 9,958 shares during the quarter. Edgestream Partners L.P.'s holdings in Parker-Hannifin were worth $6,619,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Parker-Hannifin in the 4th quarter worth approximately $1,106,132,000. GAMMA Investing LLC grew its stake 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 worth $1,054,870,000 after purchasing an additional 1,732,791 shares during the period. Royal Bank of Canada grew its stake 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 worth $1,448,241,000 after purchasing an additional 1,137,564 shares during the period. Capital World Investors purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth $418,174,000. Finally, OMERS ADMINISTRATION Corp grew 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. Institutional investors own 82.44% of the company's stock.

Insiders Place Their Bets

In related news, VP Jay Reidy sold 150 shares of the company'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 transaction, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Performance

PH traded up $13.25 on Thursday, reaching $723.47. 543,083 shares of the stock were exchanged, compared to its average volume of 689,529. The firm has a market capitalization of $92.45 billion, a PE ratio of 27.86, a PEG ratio of 3.05 and a beta of 1.34. The company's 50-day moving average price is $677.83 and its 200 day moving average price is $647.31. 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 Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $743.22.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.51 EPS. As a group, sell-side 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. Investors of record on Friday, May 9th were issued a $1.80 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PH. Stifel Nicolaus upped their price target on Parker-Hannifin from $670.00 to $709.00 and gave the company a "hold" rating in a report on Friday, July 11th. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Wall Street Zen cut Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Finally, Truist Financial cut their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.