Hartford Financial Management Inc. Buys 1,455 Shares of Parker-Hannifin Corporation (NYSE:PH)

Hartford Financial Management Inc. boosted its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 14.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,486 shares of the industrial products company's stock after acquiring an additional 1,455 shares during the period. Parker-Hannifin accounts for about 1.4% of Hartford Financial Management Inc.'s portfolio, making the stock its 14th biggest position. Hartford Financial Management Inc.'s holdings in Parker-Hannifin were worth $6,982,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. HUB Investment Partners LLC raised its holdings in shares of Parker-Hannifin by 15.7% during the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock worth $4,960,000 after buying an additional 1,057 shares in the last quarter. Congress Wealth Management LLC DE raised its holdings in shares of Parker-Hannifin by 67.8% during the 4th quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after buying an additional 18,503 shares in the last quarter. Washington Trust Bank raised its holdings in shares of Parker-Hannifin by 3,019.5% during the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after buying an additional 15,037 shares in the last quarter. Ascent Wealth Partners LLC acquired a new position in shares of Parker-Hannifin during the 4th quarter worth $1,216,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Parker-Hannifin by 7.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company's stock worth $42,801,000 after buying an additional 4,668 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PH. Barclays lowered their price target 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 target price on Parker-Hannifin in a report on Friday, May 16th. Citigroup lowered their target price on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Evercore ISI upped their target price on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, Morgan Stanley assumed 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 issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $719.71.

Parker-Hannifin Trading Up 0.0%

Shares of PH stock opened at $652.45 on Thursday. The stock has a market cap of $83.37 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 3.04 and a beta of 1.34. The stock has a 50-day moving average of $633.39 and a 200-day moving average of $643.61. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results 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 26.80% and a net margin of 17.14%. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last 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 Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced 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 of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.10%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the transaction, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is currently owned by insiders.

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.

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