Parker-Hannifin Corporation (NYSE:PH) Shares Purchased by Ascent Wealth Partners LLC

Ascent Wealth Partners LLC lifted its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 93.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,707 shares of the industrial products company's stock after acquiring an additional 1,795 shares during the quarter. Ascent Wealth Partners LLC's holdings in Parker-Hannifin were worth $2,253,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legacy Capital Wealth Partners LLC acquired a new stake in Parker-Hannifin during the first quarter valued at $279,000. Cullen Frost Bankers Inc. grew its position in Parker-Hannifin by 654.2% during the first quarter. Cullen Frost Bankers Inc. now owns 890 shares of the industrial products company's stock valued at $541,000 after buying an additional 772 shares during the period. Bryn Mawr Capital Management LLC grew its position in Parker-Hannifin by 4.2% during the first quarter. Bryn Mawr Capital Management LLC now owns 5,929 shares of the industrial products company's stock valued at $3,604,000 after buying an additional 241 shares during the period. Bridgewater Advisors Inc. acquired a new stake in Parker-Hannifin during the first quarter valued at $315,000. Finally, Kornitzer Capital Management Inc. KS grew its position in Parker-Hannifin by 1.2% during the first quarter. Kornitzer Capital Management Inc. KS now owns 4,269 shares of the industrial products company's stock valued at $2,595,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Price Performance

Shares of PH opened at $709.95 on Thursday. Parker-Hannifin Corporation has a 1-year low of $488.45 and a 1-year high of $720.90. The stock has a market cap of $90.72 billion, a PE ratio of 27.34, a P/E/G ratio of 3.05 and a beta of 1.34. The firm has a 50-day simple moving average of $677.83 and a two-hundred day simple moving average of $647.31. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period last year, the business earned $6.51 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts forecast that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were given a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Evercore ISI increased their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Truist Financial decreased their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a report on Friday, May 16th. Finally, Morgan Stanley increased their price objective on shares of Parker-Hannifin from $700.00 to $725.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $739.12.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president owned 2,083 shares in the company, valued at approximately $1,292,230.71. The trade was 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. 0.39% of the stock is currently owned by corporate insiders.

About Parker-Hannifin

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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