NorthCrest Asset Manangement LLC Has $32.77 Million Stake in Parker-Hannifin Co. (NYSE:PH)

NorthCrest Asset Manangement LLC trimmed its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 8.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,908 shares of the industrial products company's stock after selling 4,933 shares during the quarter. Parker-Hannifin comprises approximately 1.0% of NorthCrest Asset Manangement LLC's holdings, making the stock its 22nd largest position. NorthCrest Asset Manangement LLC's holdings in Parker-Hannifin were worth $32,768,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Liberty Capital Management Inc. bought a new stake in shares of Parker-Hannifin in the first quarter valued at about $272,000. Union Bancaire Privee UBP SA grew its holdings in shares of Parker-Hannifin by 10.5% during the 1st quarter. Union Bancaire Privee UBP SA now owns 58,876 shares of the industrial products company's stock worth $34,604,000 after purchasing an additional 5,593 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in shares of Parker-Hannifin by 1.5% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 162,454 shares of the industrial products company's stock valued at $98,748,000 after purchasing an additional 2,385 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Parker-Hannifin by 7.4% during the 1st quarter. Fifth Third Bancorp now owns 160,853 shares of the industrial products company's stock worth $97,774,000 after acquiring an additional 11,042 shares during the period. Finally, Simon Quick Advisors LLC boosted its holdings in Parker-Hannifin by 29.5% during the first quarter. Simon Quick Advisors LLC now owns 768 shares of the industrial products company's stock valued at $467,000 after purchasing an additional 175 shares in the last quarter. 82.44% of the stock is owned by institutional investors.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the 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 completion of the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Trading Up 1.2%

NYSE:PH traded up $7.57 during mid-day trading on Monday, hitting $661.66. The company had a trading volume of 631,710 shares, compared to its average volume of 704,829. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The firm has a market cap of $84.55 billion, a P/E ratio of 27.39, a P/E/G ratio of 2.85 and a beta of 1.34. The business's fifty day moving average is $628.39 and its two-hundred day moving average is $643.77.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results 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 net margin of 15.87% and a return on equity of 27.34%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the business posted $6.51 earnings per share. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, research analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current 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 issued a dividend of $1.80 per share. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.09%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Truist Financial cut their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a research note on Friday, May 16th. KeyCorp raised their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Morgan Stanley assumed coverage on Parker-Hannifin in a report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price on the stock. Finally, Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.