MQS Management LLC bought a new position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 499 shares of the industrial products company's stock, valued at approximately $303,000.
Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised 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 purchasing an additional 111,406 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Parker-Hannifin by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after purchasing an additional 99,261 shares in the last quarter. Invesco Ltd. raised its stake in shares of Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock worth $1,591,810,000 after purchasing an additional 198,292 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Parker-Hannifin by 99.8% during the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Parker-Hannifin by 9.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after acquiring an additional 172,064 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on PH shares. Wells Fargo & Company increased their price target on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Barclays increased their price target on Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Mizuho set a $785.00 price target on Parker-Hannifin in a research note on Friday, May 16th. KeyCorp upped their price objective on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Truist Financial decreased their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and a consensus price target of $739.12.
Check Out Our Latest Analysis on Parker-Hannifin
Parker-Hannifin Trading Up 1.9%
Parker-Hannifin stock traded up $13.25 during trading hours on Thursday, hitting $723.47. The stock had a trading volume of 543,083 shares, compared to its average volume of 689,529. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The stock has a market cap of $92.45 billion, a price-to-earnings ratio of 27.86, a P/E/G ratio of 3.05 and a beta of 1.34. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $743.22. The business's 50 day simple moving average is $677.83 and its 200-day simple moving average is $647.31.
Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the company earned $6.51 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. On average, equities analysts predict that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.
Parker-Hannifin Increases Dividend
The company 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 yield of 1.00%. The ex-dividend date was Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.
Insider Buying and Selling
In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.39% of the company's stock.
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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