Envestnet Asset Management Inc. Grows Position in Parker-Hannifin Corporation (NYSE:PH)

Envestnet Asset Management Inc. grew its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 795,233 shares of the industrial products company's stock after acquiring an additional 118,831 shares during the period. Envestnet Asset Management Inc. owned 0.62% of Parker-Hannifin worth $483,382,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new position in Parker-Hannifin during the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin during the fourth quarter worth $32,000. Olde Wealth Management LLC acquired a new position in Parker-Hannifin during the first quarter worth $35,000. Finally, Chilton Capital Management LLC raised its position in Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after acquiring an additional 60 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Transactions at Parker-Hannifin

In related 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 directly owned 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Trading Up 0.5%

Parker-Hannifin stock traded up $3.32 during mid-day trading on Wednesday, hitting $710.24. 121,386 shares of the stock were exchanged, compared to its average volume of 696,414. 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 $720.90. The firm's fifty day simple moving average is $666.26 and its two-hundred day simple moving average is $644.71. The stock has a market capitalization of $90.75 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 3.05 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a $1.80 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is currently 27.72%.

Analyst Ratings Changes

PH has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Truist Financial lowered their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Citigroup reduced their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday, June 2nd. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average price target of $723.82.

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.