MidWestOne Financial Group Inc. Purchases New Holdings in Parker-Hannifin Co. (NYSE:PH)

MidWestOne Financial Group Inc. bought a new position in Parker-Hannifin Co. (NYSE:PH - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 460 shares of the industrial products company's stock, valued at approximately $293,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Ballentine Partners LLC boosted its position in Parker-Hannifin by 5.9% during the fourth quarter. Ballentine Partners LLC now owns 1,587 shares of the industrial products company's stock valued at $1,009,000 after purchasing an additional 89 shares during the last quarter. Aspiriant LLC boosted its position in Parker-Hannifin by 8.0% during the fourth quarter. Aspiriant LLC now owns 485 shares of the industrial products company's stock valued at $308,000 after purchasing an additional 36 shares during the last quarter. Atomi Financial Group Inc. boosted its position in Parker-Hannifin by 53.3% during the fourth quarter. Atomi Financial Group Inc. now owns 1,125 shares of the industrial products company's stock valued at $715,000 after purchasing an additional 391 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its position in Parker-Hannifin by 11.1% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 1,644 shares of the industrial products company's stock valued at $1,046,000 after purchasing an additional 164 shares during the last quarter. Finally, Howard Capital Management Group LLC acquired a new stake in Parker-Hannifin during the fourth quarter valued at $23,390,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of the business's stock in a transaction dated 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 transaction, the vice president now owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is owned by insiders.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded down $1.37 during trading hours on Friday, hitting $655.98. 430,799 shares of the company's stock were exchanged, compared to its average volume of 718,556. Parker-Hannifin Co. 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 0.51, a current ratio of 1.06 and a quick ratio of 0.59. The stock has a market capitalization of $83.82 billion, a price-to-earnings ratio of 27.15, a PEG ratio of 2.85 and a beta of 1.36. The company's 50-day moving average price is $609.02 and its 200-day moving average price is $648.11.

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

Parker-Hannifin Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $564.00 to $630.00 and gave the company a "hold" rating in a research report on Friday, May 2nd. Truist Financial reduced their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Citigroup reduced their price objective on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wall Street Zen lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Finally, Wells Fargo & Company raised their target price on Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and a consensus price target of $718.44.

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.