GAMMA Investing LLC Acquires 1,732,791 Shares of Parker-Hannifin Co. (NYSE:PH)

GAMMA Investing LLC increased its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 66,111.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,735,412 shares of the industrial products company's stock after buying an additional 1,732,791 shares during the period. GAMMA Investing LLC owned about 1.35% of Parker-Hannifin worth $1,054,870,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PH. Norges Bank acquired a new position in Parker-Hannifin during the 4th quarter valued at about $1,106,132,000. Proficio Capital Partners LLC boosted its stake in Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company's stock valued at $725,229,000 after purchasing an additional 1,139,265 shares during the period. Royal Bank of Canada boosted its stake in Parker-Hannifin by 99.8% during the 4th 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 purchasing an additional 1,137,564 shares during the period. Capital World Investors acquired a new position in Parker-Hannifin during the 4th quarter valued at about $418,174,000. Finally, OMERS ADMINISTRATION Corp boosted its stake in Parker-Hannifin by 6,912.4% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock valued at $198,742,000 after purchasing an additional 308,016 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Trading Down 0.6%

Shares of PH stock traded down $3.79 during trading hours on Monday, reaching $660.91. 302,679 shares of the stock traded hands, compared to its average volume of 714,527. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The business has a fifty day moving average price of $612.05 and a 200 day moving average price of $646.11. 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 firm has a market capitalization of $84.45 billion, a PE ratio of 27.37, a PEG ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm posted $6.51 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. On average, equities research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be given a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. 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 yield of 1.09%. Parker-Hannifin's payout ratio is presently 27.72%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PH shares. Evercore ISI boosted their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Mizuho set a $785.00 target price on shares of Parker-Hannifin in a research note on Friday, May 16th. Wall Street Zen lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Finally, Truist Financial reduced their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $720.94.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the sale, the vice president now directly owns 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.39% of the stock is currently owned by insiders.

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.