Minneapolis Portfolio Management Group LLC Reduces Stock Position in Parker-Hannifin Corporation (NYSE:PH)

Minneapolis Portfolio Management Group LLC decreased its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,820 shares of the industrial products company's stock after selling 711 shares during the quarter. Parker-Hannifin makes up 4.1% of Minneapolis Portfolio Management Group LLC's holdings, making the stock its 10th largest holding. Minneapolis Portfolio Management Group LLC's holdings in Parker-Hannifin were worth $29,675,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin during the fourth quarter valued at about $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin during the fourth quarter valued at about $30,000. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin during the fourth quarter valued at about $32,000. Olde Wealth Management LLC bought a new stake in Parker-Hannifin during the first quarter valued at about $35,000. Finally, Meeder Asset Management Inc. boosted its position in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 45 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

PH stock opened at $719.15 on Friday. 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 company has a market capitalization of $91.89 billion, a PE ratio of 27.69, a P/E/G ratio of 3.10 and a beta of 1.34. Parker-Hannifin Corporation has a 12-month low of $488.45 and a 12-month high of $720.90. The business's fifty day moving average price is $662.00 and its 200 day moving average price is $643.82.

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 (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.51 EPS. On average, sell-side analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a $1.80 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup lowered their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. KeyCorp raised their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research note 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 note on Tuesday, April 8th. Finally, Morgan Stanley initiated coverage on Parker-Hannifin in a research note on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $719.41.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.39% of the stock is owned by corporate 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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