Parsons Capital Management Inc. RI Has $4.40 Million Stock Position in Parker-Hannifin Co. (NYSE:PH)

Parsons Capital Management Inc. RI increased its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 8.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,239 shares of the industrial products company's stock after purchasing an additional 584 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Parker-Hannifin were worth $4,400,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PH. Congress Asset Management Co. grew its stake in Parker-Hannifin by 15.5% during the 4th quarter. Congress Asset Management Co. now owns 190,701 shares of the industrial products company's stock valued at $121,292,000 after purchasing an additional 25,605 shares in the last quarter. HUB Investment Partners LLC grew its position in shares of Parker-Hannifin by 15.7% during the fourth quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock worth $4,960,000 after buying an additional 1,057 shares in the last quarter. Congress Wealth Management LLC DE increased its stake in shares of Parker-Hannifin by 67.8% in the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after buying an additional 18,503 shares during the last quarter. Washington Trust Bank raised its holdings in Parker-Hannifin by 3,019.5% in the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock valued at $9,881,000 after acquiring an additional 15,037 shares in the last quarter. Finally, Ascent Wealth Partners LLC bought a new position in Parker-Hannifin during the 4th quarter valued at $1,216,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PH. Barclays dropped their target price on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Citigroup reduced their target price on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a report on Monday, April 14th. 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 report on Monday, June 2nd. Truist Financial dropped their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Finally, Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $719.71.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $1.30 on Tuesday, hitting $671.18. The company's stock had a trading volume of 457,408 shares, compared to its average volume of 709,737. The stock's 50-day moving average is $617.69 and its two-hundred day moving average is $644.81. The company has a market capitalization of $85.76 billion, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued 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. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The company had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the business posted $6.51 EPS. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently disclosed 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 of this dividend was Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.07%. Parker-Hannifin's dividend payout ratio is 27.72%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin 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 transaction, the vice president now owns 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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.