Joseph Group Capital Management Acquires 1,663 Shares of Parker-Hannifin Corporation (NYSE:PH)

Joseph Group Capital Management boosted its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 25.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,109 shares of the industrial products company's stock after acquiring an additional 1,663 shares during the period. Parker-Hannifin accounts for about 1.9% of Joseph Group Capital Management's holdings, making the stock its 15th biggest position. Joseph Group Capital Management's holdings in Parker-Hannifin were worth $4,929,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin in the 4th quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at $32,000. Olde Wealth Management LLC purchased a new stake in shares of Parker-Hannifin in the first quarter valued at $35,000. Finally, Chilton Capital Management LLC grew its position in shares of Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Evercore ISI lifted their target price on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research report on Wednesday. Wells Fargo & Company upped their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Finally, Morgan Stanley upped their target price on Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday. 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.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $726.12.

Parker-Hannifin Price Performance

Shares of NYSE:PH traded up $0.83 on Friday, reaching $715.13. 340,176 shares of the company traded hands, compared to its average volume of 695,966. The company's 50 day moving average is $672.33 and its 200-day moving average is $646.05. The stock has a market capitalization of $91.38 billion, a PE ratio of 27.54, a P/E/G ratio of 3.07 and a beta of 1.34. Parker-Hannifin Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $720.90. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the business posted $6.51 earnings per share. Parker-Hannifin's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 1.01%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated 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 owned 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.39% of the company's stock.

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.