Good Steward Wealth Advisors LLC Acquires Shares of 484 Parker-Hannifin Corporation (NYSE:PH)

Good Steward Wealth Advisors LLC bought a new position in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 484 shares of the industrial products company's stock, valued at approximately $294,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $1,106,132,000. GAMMA Investing LLC increased its position in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock valued at $1,054,870,000 after buying an additional 1,732,791 shares in the last quarter. Proficio Capital Partners LLC increased its position 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 buying an additional 1,139,265 shares in the last quarter. Royal Bank of Canada raised its stake in Parker-Hannifin by 99.8% during the fourth 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 buying an additional 1,137,564 shares during the last quarter. Finally, Capital World Investors bought a new stake in Parker-Hannifin in the fourth quarter worth $418,174,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $652.45 on Friday. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market capitalization of $83.37 billion, a price-to-earnings ratio of 25.12, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average of $635.24 and a 200 day moving average of $643.27.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted 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. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. Parker-Hannifin's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $6.51 EPS. On average, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors 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 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 1.10%. Parker-Hannifin's payout ratio is 27.72%.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the company's stock in a transaction 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 transaction, the vice president now owns 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 sale was disclosed in a filing with the SEC, which is accessible through this link. 0.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PH has been the subject of several recent analyst reports. Argus set a $680.00 price target on Parker-Hannifin in a research report on Tuesday, May 6th. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research note on Monday, June 2nd. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. KeyCorp upped their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley began coverage on Parker-Hannifin in a report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price for the company. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $719.71.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.