Montecito Bank & Trust purchased a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 634 shares of the industrial products company's stock, valued at approximately $385,000.
Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Parker-Hannifin by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company's stock worth $6,903,962,000 after buying an additional 111,406 shares during the last quarter. Geode Capital Management LLC raised its holdings in Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after acquiring an additional 99,261 shares during the period. Invesco Ltd. raised its holdings in Parker-Hannifin by 8.6% in the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after acquiring an additional 198,292 shares during the period. Royal Bank of Canada lifted its position in Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock worth $1,282,294,000 after acquiring an additional 172,064 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.
Insiders Place Their Bets
In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin 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 sale, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.39% of the company's stock.
Parker-Hannifin Trading Up 1.2%
Shares of PH stock opened at $661.66 on Tuesday. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The stock's fifty day moving average price is $631.16 and its two-hundred day moving average price is $643.49. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a market cap of $84.55 billion, a PE ratio of 27.39, a P/E/G ratio of 2.85 and a beta of 1.34.
Parker-Hannifin (NYSE:PH - Get Free Report) last announced 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. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Parker-Hannifin's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $6.51 EPS. Equities analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The business also recently announced 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 was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.09%. 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%.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on the company. Stifel Nicolaus lifted their price target on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a report on Monday, June 2nd. Morgan Stanley began coverage on Parker-Hannifin in a report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 target price for the company. Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. KeyCorp raised their price target on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Truist Financial cut their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $719.71.
View Our Latest Analysis on PH
About Parker-Hannifin
(
Free Report)
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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