Pictet Asset Management Holding SA Grows Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Pictet Asset Management Holding SA lifted its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 17.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 652,144 shares of the industrial products company's stock after acquiring an additional 94,984 shares during the quarter. Pictet Asset Management Holding SA owned about 0.51% of Parker-Hannifin worth $396,393,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Parker-Hannifin in the 4th quarter worth approximately $1,106,132,000. GAMMA Investing LLC increased its holdings in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock valued at $1,054,870,000 after purchasing an additional 1,732,791 shares in the last quarter. Royal Bank of Canada increased its holdings in Parker-Hannifin by 99.8% during the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares in the last quarter. Capital World Investors acquired a new stake in Parker-Hannifin during the 4th quarter valued at $418,174,000. Finally, OMERS ADMINISTRATION Corp increased its holdings in Parker-Hannifin by 6,912.4% during the 4th quarter. OMERS ADMINISTRATION Corp now owns 312,472 shares of the industrial products company's stock valued at $198,742,000 after purchasing an additional 308,016 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.39% of the stock is currently owned by insiders.

Parker-Hannifin Stock Performance

Shares of PH stock traded down $0.73 during trading hours on Friday, hitting $722.53. 485,874 shares of the company were exchanged, compared to its average volume of 687,283. The firm has a fifty day simple moving average of $680.98 and a 200 day simple moving average of $648.50. The company has a current ratio of 1.21, a quick ratio of 0.70 and a debt-to-equity ratio of 0.55. Parker-Hannifin Corporation has a 52-week low of $488.45 and a 52-week high of $727.30. The stock has a market capitalization of $92.32 billion, a price-to-earnings ratio of 27.82, a P/E/G ratio of 3.11 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last released 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 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 period in the previous year, the business earned $6.51 EPS. Research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date 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 27.72%.

Analyst Upgrades and Downgrades

PH has been the topic of several recent research reports. Citigroup reissued a "buy" rating and issued a $831.00 price target (up previously from $709.00) on shares of Parker-Hannifin in a research note on Monday, July 14th. Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Wolfe Research downgraded Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Wells Fargo & Company lifted their price target on Parker-Hannifin from $670.00 to $770.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $739.12.

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.