Heirloom Wealth Management Grows Stake in Parker-Hannifin Corporation (NYSE:PH)

Heirloom Wealth Management raised its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,803 shares of the industrial products company's stock after buying an additional 570 shares during the quarter. Parker-Hannifin comprises 2.8% of Heirloom Wealth Management's holdings, making the stock its 14th largest position. Heirloom Wealth Management's holdings in Parker-Hannifin were worth $9,606,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PH. Whipplewood Advisors LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin in the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter worth approximately $32,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after acquiring an additional 45 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PH shares. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Stifel Nicolaus lifted their target price on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research report on Monday, June 2nd. Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Finally, Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $719.71.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 1.3%

Shares of NYSE:PH traded up $9.26 on Friday, hitting $700.97. 1,044,233 shares of the company's stock were exchanged, compared to its average volume of 695,961. The firm's 50-day moving average is $648.74 and its 200 day moving average is $642.34. The company has a market capitalization of $89.57 billion, a PE ratio of 26.50, a P/E/G ratio of 3.27 and a beta of 1.34. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $6.51 EPS. Sell-side analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were given a $1.80 dividend. 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 dividend on an annualized basis and a dividend yield of 1.03%. Parker-Hannifin's dividend payout ratio is 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.