OneAscent Financial Services LLC Buys 1,357 Shares of Parker-Hannifin Corporation (NYSE:PH)

OneAscent Financial Services LLC increased its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 90.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,860 shares of the industrial products company's stock after buying an additional 1,357 shares during the quarter. OneAscent Financial Services LLC's holdings in Parker-Hannifin were worth $1,740,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. AustralianSuper Pty Ltd increased its holdings in Parker-Hannifin by 28.7% during the 1st quarter. AustralianSuper Pty Ltd now owns 8,968 shares of the industrial products company's stock valued at $5,451,000 after purchasing an additional 2,001 shares in the last quarter. Kestra Private Wealth Services LLC increased its holdings in Parker-Hannifin by 40.9% during the 1st quarter. Kestra Private Wealth Services LLC now owns 11,247 shares of the industrial products company's stock valued at $6,836,000 after purchasing an additional 3,265 shares in the last quarter. Carnegie Lake Advisors LLC increased its holdings in Parker-Hannifin by 0.4% during the 1st quarter. Carnegie Lake Advisors LLC now owns 8,656 shares of the industrial products company's stock valued at $5,262,000 after purchasing an additional 32 shares in the last quarter. Private Advisor Group LLC increased its holdings in Parker-Hannifin by 6.8% during the 1st quarter. Private Advisor Group LLC now owns 5,685 shares of the industrial products company's stock valued at $3,456,000 after purchasing an additional 364 shares in the last quarter. Finally, Diversify Advisory Services LLC increased its holdings in Parker-Hannifin by 15.6% during the 1st quarter. Diversify Advisory Services LLC now owns 518 shares of the industrial products company's stock valued at $312,000 after purchasing an additional 70 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

NYSE:PH opened at $722.53 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The stock's 50-day simple moving average is $680.98 and its 200 day simple moving average is $648.59. The company has a market cap of $92.32 billion, a P/E ratio of 27.82, a P/E/G ratio of 3.11 and a beta of 1.34. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $727.30.

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 company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the business earned $6.51 earnings per share. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Insiders Place Their Bets

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's stock in a transaction 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 sale, the vice president directly owned 2,083 shares in the company, valued at $1,292,230.71. This 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 the SEC website. 0.39% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on PH. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Barclays lifted their target price on Parker-Hannifin from $700.00 to $750.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. KeyCorp lifted their target price on Parker-Hannifin from $735.00 to $790.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Mizuho set a $785.00 target price on Parker-Hannifin in a research note on Friday, May 16th. Finally, Evercore ISI lifted their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. 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 data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $739.12.

Parker-Hannifin Company 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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