Burling Wealth Partners LLC Sells 1,240 Shares of Parker-Hannifin Corporation (NYSE:PH)

Burling Wealth Partners LLC lessened its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 35.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,260 shares of the industrial products company's stock after selling 1,240 shares during the period. Burling Wealth Partners LLC's holdings in Parker-Hannifin were worth $1,374,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Aster Capital Management DIFC Ltd purchased a new stake in Parker-Hannifin in the fourth quarter worth $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the 4th quarter valued at about $30,000. Mpwm Advisory Solutions LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth about $32,000. Olde Wealth Management LLC bought a new position in shares of Parker-Hannifin during the first quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC lifted its holdings in shares of Parker-Hannifin by 1,500.0% during the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 82.44% of the company's stock.

Parker-Hannifin Price Performance

NYSE PH traded up $13.25 on Thursday, reaching $723.47. The company had a trading volume of 543,083 shares, compared to its average volume of 688,612. The firm's 50 day moving average price is $677.83 and its 200 day moving average price is $647.31. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $743.22. The stock has a market capitalization of $92.45 billion, a PE ratio of 27.86, a price-to-earnings-growth ratio of 3.05 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.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were paid a $1.80 dividend. The ex-dividend date was Friday, May 9th. This represents a $7.20 annualized dividend 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 (DPR) is presently 27.72%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PH shares. Truist Financial dropped their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Morgan Stanley lifted their target price on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Evercore ISI upped their target price on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Finally, Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $670.00 to $709.00 and gave the company a "hold" rating in a research report on Friday, July 11th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $739.12.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was 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 in the company, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate 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.