Sumitomo Mitsui DS Asset Management Company Ltd Boosts Holdings in Parker-Hannifin Corporation (NYSE:PH)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,797 shares of the industrial products company's stock after buying an additional 1,236 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Parker-Hannifin were worth $16,896,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PH. Brighton Jones LLC lifted its position in shares of Parker-Hannifin by 5.9% during the fourth quarter. Brighton Jones LLC now owns 1,808 shares of the industrial products company's stock valued at $1,150,000 after buying an additional 101 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in Parker-Hannifin by 0.8% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 7,259 shares of the industrial products company's stock worth $4,617,000 after buying an additional 55 shares during the last quarter. SVB Wealth LLC acquired a new position in Parker-Hannifin during the fourth quarter valued at $496,000. Smartleaf Asset Management LLC boosted its stake in shares of Parker-Hannifin by 22.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,297 shares of the industrial products company's stock worth $827,000 after buying an additional 237 shares during the last quarter. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $57,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Trading Up 1.2%

Parker-Hannifin stock traded up $8.27 during mid-day trading on Wednesday, hitting $711.55. The company's stock had a trading volume of 447,645 shares, compared to its average volume of 697,642. The stock's fifty day moving average is $654.51 and its two-hundred day moving average is $642.67. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $90.92 billion, a PE ratio of 27.40, a price-to-earnings-growth ratio of 3.03 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 released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping analysts' consensus estimates 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 company's revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $6.51 EPS. On average, analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed 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 dividend yield of 1.01%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is presently 27.72%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PH shares. Truist Financial reduced their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Citigroup cut their price objective on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Morgan Stanley started coverage on Parker-Hannifin in a research report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price on the stock. Mizuho set a $785.00 price target on Parker-Hannifin in a research report on Friday, May 16th. Finally, Wall Street Zen lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $719.41.

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 transaction, 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. Company insiders own 0.39% of the company's stock.

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.