Monte Financial Group LLC Acquires 524 Shares of Parker-Hannifin Corporation (NYSE:PH)

Monte Financial Group LLC grew its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 24.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,687 shares of the industrial products company's stock after acquiring an additional 524 shares during the period. Monte Financial Group LLC's holdings in Parker-Hannifin were worth $1,508,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Deltec Asset Management LLC raised its stake in shares of Parker-Hannifin by 42.2% during the first quarter. Deltec Asset Management LLC now owns 2,627 shares of the industrial products company's stock valued at $1,597,000 after acquiring an additional 780 shares during the last quarter. Dupont Capital Management Corp increased its position in shares of Parker-Hannifin by 7.5% during the first quarter. Dupont Capital Management Corp now owns 20,553 shares of the industrial products company's stock worth $12,493,000 after buying an additional 1,430 shares during the period. Evanson Asset Management LLC acquired a new stake in shares of Parker-Hannifin during the first quarter worth $252,000. Good Steward Wealth Advisors LLC acquired a new stake in shares of Parker-Hannifin during the first quarter worth $294,000. Finally, Cherry Tree Wealth Management LLC increased its position in shares of Parker-Hannifin by 34.2% during the first quarter. Cherry Tree Wealth Management LLC now owns 102 shares of the industrial products company's stock worth $62,000 after buying an additional 26 shares during the period. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Stock Down 0.1%

Parker-Hannifin stock opened at $651.73 on Friday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $718.44. The firm has a market capitalization of $83.28 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. The firm's fifty day moving average price is $636.98 and its two-hundred day moving average price is $642.93. 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 (NYSE:PH - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating 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 firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the firm earned $6.51 earnings per share. The business's quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that Parker-Hannifin Corporation 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 was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.39% of the company's stock.

Wall Street Analysts Forecast Growth

PH has been the subject of several recent analyst reports. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research report on Friday, May 16th. Wall Street Zen cut shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Barclays decreased their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Finally, Morgan Stanley assumed coverage on shares of Parker-Hannifin in a report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $719.71.

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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