Envestnet Asset Management Inc. Increases Holdings in Parker-Hannifin Corporation (NYSE:PH)

Envestnet Asset Management Inc. grew its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 795,233 shares of the industrial products company's stock after purchasing an additional 118,831 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.62% of Parker-Hannifin worth $483,382,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PH. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter valued at approximately $32,000. Olde Wealth Management LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC lifted its position in shares of Parker-Hannifin by 1,500.0% during the 1st quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Insider Activity

In other news, VP Jay Reidy sold 150 shares of the business's stock in a transaction on Friday, May 2nd. The shares were 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 of the company's stock, 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 is available at this link. 0.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on PH. Mizuho set a $785.00 price objective on Parker-Hannifin in a research report on Friday, May 16th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. KeyCorp lifted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company lifted their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $723.82.

Parker-Hannifin Trading Up 1.0%

PH stock traded up $6.80 during midday trading on Thursday, hitting $714.39. The stock had a trading volume of 442,369 shares, compared to its average volume of 697,424. The firm has a market cap of $91.28 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. 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 12-month low of $488.45 and a 12-month high of $720.90. The company's 50-day moving average price is $668.34 and its 200 day moving average price is $645.14.

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, beating 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 company 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 company earned $6.51 EPS. The business's quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

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.