Fifth Third Bancorp Boosts Stock Position in Parker-Hannifin Co. (NYSE:PH)

Fifth Third Bancorp lifted its holdings in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 7.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 160,853 shares of the industrial products company's stock after purchasing an additional 11,042 shares during the period. Fifth Third Bancorp owned about 0.12% of Parker-Hannifin worth $97,774,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PH. Brighton Jones LLC raised its stake in Parker-Hannifin by 5.9% in the 4th quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after acquiring an additional 101 shares during the period. Union Bancaire Privee UBP SA bought a new stake in Parker-Hannifin in the 4th quarter valued at about $32,781,000. Kingsview Wealth Management LLC raised its stake in Parker-Hannifin by 5.4% in the 4th quarter. Kingsview Wealth Management LLC now owns 1,896 shares of the industrial products company's stock valued at $1,206,000 after acquiring an additional 97 shares during the period. Empowered Funds LLC raised its stake in Parker-Hannifin by 15.2% in the 4th quarter. Empowered Funds LLC now owns 2,879 shares of the industrial products company's stock valued at $1,831,000 after acquiring an additional 380 shares during the period. Finally, Savant Capital LLC increased its position in shares of Parker-Hannifin by 8.1% during the fourth quarter. Savant Capital LLC now owns 3,710 shares of the industrial products company's stock valued at $2,359,000 after buying an additional 277 shares during the period. 82.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Parker-Hannifin

In other Parker-Hannifin 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 transaction of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Down 0.8%

Shares of NYSE:PH traded down $5.50 on Thursday, hitting $666.25. 493,225 shares of the company traded hands, compared to its average volume of 707,680. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $623.09 and a 200-day simple moving average of $645.18. The company has a market cap of $85.13 billion, a PE ratio of 27.58, a PEG ratio of 2.85 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 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the company earned $6.51 EPS. Parker-Hannifin's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, research analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared 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 is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's payout ratio is currently 27.72%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PH shares. KeyCorp upped their price target on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Argus set a $680.00 price objective on Parker-Hannifin in a report on Tuesday, May 6th. Barclays cut their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Finally, Wall Street Zen lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $719.71.

Parker-Hannifin 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.