Community Financial Services Group LLC grew its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 1,338.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,630 shares of the industrial products company's stock after acquiring an additional 6,169 shares during the quarter. Community Financial Services Group LLC's holdings in Parker-Hannifin were worth $4,030,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $1,106,132,000. GAMMA Investing LLC increased its position in shares of Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after purchasing an additional 1,732,791 shares during the last quarter. Proficio Capital Partners LLC increased its position in shares of Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company's stock worth $725,229,000 after purchasing an additional 1,139,265 shares during the last quarter. Royal Bank of Canada increased its position 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 during the last quarter. Finally, Capital World Investors acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $418,174,000. 82.44% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on PH. Barclays cut their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Evercore ISI raised their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Stifel Nicolaus raised their target price on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a report on Monday, June 2nd. Finally, Morgan Stanley assumed 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. 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $719.71.
Check Out Our Latest Research Report on PH
Insider Buying and Selling
In related news, VP Jay Reidy sold 150 shares of the business's 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 sale, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. The trade was 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 through the SEC website. 0.39% of the stock is owned by company insiders.
Parker-Hannifin Stock Performance
Shares of PH opened at $664.08 on Tuesday. The stock has a 50-day simple moving average of $638.88 and a 200-day simple moving average of $641.97. 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 has a market capitalization of $84.86 billion, a PE ratio of 25.57, a PEG ratio of 3.04 and a beta of 1.34. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $718.44.
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 (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $6.51 EPS. On average, 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 announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a dividend of $1.80 per share. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.08%. Parker-Hannifin's payout ratio is presently 27.72%.
Parker-Hannifin Profile
(
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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