Washington Trust Bank Purchases 1,000 Shares of Parker-Hannifin Corporation (NYSE:PH)

Washington Trust Bank raised its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 6.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,535 shares of the industrial products company's stock after acquiring an additional 1,000 shares during the quarter. Washington Trust Bank's holdings in Parker-Hannifin were worth $10,051,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. First Manhattan CO. LLC. lifted its stake in Parker-Hannifin by 1.0% in the fourth quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock valued at $1,005,000 after acquiring an additional 15 shares during the last quarter. Dorsey & Whitney Trust CO LLC raised its position in shares of Parker-Hannifin by 1.5% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock valued at $689,000 after purchasing an additional 16 shares during the period. Becker Capital Management Inc. raised its position in shares of Parker-Hannifin by 3.4% in the fourth quarter. Becker Capital Management Inc. now owns 482 shares of the industrial products company's stock valued at $307,000 after purchasing an additional 16 shares during the period. Northwest Wealth Management LLC raised its position in shares of Parker-Hannifin by 3.0% in the fourth quarter. Northwest Wealth Management LLC now owns 578 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 17 shares during the period. Finally, Citizens National Bank Trust Department raised its position in shares of Parker-Hannifin by 8.5% in the first quarter. Citizens National Bank Trust Department now owns 217 shares of the industrial products company's stock valued at $132,000 after purchasing an additional 17 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

Parker-Hannifin stock traded down $12.95 on Monday, hitting $706.20. The company's stock had a trading volume of 805,275 shares, compared to its average volume of 698,352. The firm has a market cap of $90.24 billion, a P/E ratio of 27.19, a price-to-earnings-growth ratio of 3.10 and a beta of 1.34. 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 company has a fifty day moving average price of $662.00 and a 200-day moving average price of $643.86. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $720.90.

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 (EPS) for the quarter, beating the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business's revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.51 EPS. On average, equities analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a $1.80 dividend. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.02%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Insider Buying and Selling at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, the vice president owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

PH has been the topic of a number of recent analyst reports. Evercore ISI lifted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Mizuho set a $785.00 price target on shares of Parker-Hannifin in a research report on Friday, May 16th. Stifel Nicolaus lifted their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research report on Monday, June 2nd. Truist Financial dropped their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Parker-Hannifin has an average rating of "Moderate Buy" and an average price target of $719.41.

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.