Parr Mcknight Wealth Management Group LLC Lowers Position in Parker-Hannifin Corporation (NYSE:PH)

Parr Mcknight Wealth Management Group LLC reduced its stake in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 17.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,643 shares of the industrial products company's stock after selling 988 shares during the quarter. Parr Mcknight Wealth Management Group LLC's holdings in Parker-Hannifin were worth $2,822,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter worth approximately $32,000. Olde Wealth Management LLC acquired a new position in shares of Parker-Hannifin during the first quarter worth approximately $35,000. Finally, Chilton Capital Management LLC raised its position 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 worth $39,000 after purchasing an additional 60 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Morgan Stanley upped their target price on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Barclays upped their target price on Parker-Hannifin from $700.00 to $750.00 and gave the stock an "overweight" rating in a research report on Wednesday. Mizuho set a $785.00 target price on Parker-Hannifin in a research report on Friday, May 16th. Finally, Evercore ISI upped their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $726.12.

Parker-Hannifin Stock Performance

NYSE:PH traded up $0.70 during trading on Friday, reaching $715.00. The company's stock had a trading volume of 170,175 shares, compared to its average volume of 695,568. The firm has a market cap of $91.36 billion, a price-to-earnings ratio of 27.51, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34. 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 firm has a 50 day moving average of $670.41 and a 200-day moving average of $645.62. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $720.90.

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 analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the company earned $6.51 EPS. The business's revenue for the quarter was down 2.2% on a year-over-year basis. Research analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.01%. 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. Parker-Hannifin's dividend payout ratio is currently 27.72%.

Insider Transactions at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.39% of the company's stock.

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.