Proficio Capital Partners LLC Buys 1,369 Shares of Parker-Hannifin Corporation $PH

Key Points

• Proficio Capital Partners increased its Parker-Hannifin stake by 234% in the second quarter, purchasing 1,369 additional shares and bringing its holdings to 1,954 shares valued at approximately $1.91 million. Institutional investors collectively own 82.44% of the company.
• Parker-Hannifin reported quarterly results above expectations, with adjusted earnings of $9.27 per share and revenue of $5.75 billion, up 9.8% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $1,100.
• The company declared a quarterly dividend of $2.00 per share, equivalent to an annualized $8.00 dividend and a 0.8% yield. Shares recently traded at $979.89, down 1.5%.

Proficio Capital Partners LLC boosted its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 234.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,954 shares of the industrial products company's stock after purchasing an additional 1,369 shares during the quarter. Proficio Capital Partners LLC's holdings in Parker-Hannifin were worth $1,911,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PH. BlackRock Inc. bought a new position in Parker-Hannifin during the second quarter valued at about $10,163,362,000. Bank of America Corp DE increased its position in shares of Parker-Hannifin by 0.6% during the fourth quarter. Bank of America Corp DE now owns 3,926,896 shares of the industrial products company's stock valued at $3,451,584,000 after purchasing an additional 22,305 shares during the period. Capital World Investors increased its position in shares of Parker-Hannifin by 0.6% during the fourth quarter. Capital World Investors now owns 2,600,844 shares of the industrial products company's stock valued at $2,286,038,000 after purchasing an additional 16,703 shares during the period. Morgan Stanley raised its stake in shares of Parker-Hannifin by 1.1% in the fourth quarter. Morgan Stanley now owns 2,133,044 shares of the industrial products company's stock valued at $1,874,862,000 after purchasing an additional 22,367 shares in the last quarter. Finally, Norges Bank bought a new position in Parker-Hannifin in the fourth quarter worth $1,756,230,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Trading Down 1.5%

Shares of Parker-Hannifin stock opened at $979.89 on Tuesday. The stock has a market capitalization of $123.52 billion, a P/E ratio of 34.39, a price-to-earnings-growth ratio of 2.59 and a beta of 1.12. The company has a quick ratio of 0.74, a current ratio of 1.26 and a debt-to-equity ratio of 0.44. The company has a 50-day simple moving average of $992.06 and a 200 day simple moving average of $950.21. Parker-Hannifin Corporation has a 12-month low of $715.37 and a 12-month high of $1,099.94.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The industrial products company reported $9.27 EPS for the quarter, beating analysts' consensus estimates of $8.31 by $0.96. The firm had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.57 billion. Parker-Hannifin had a net margin of 16.97% and a return on equity of 28.48%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $7.69 earnings per share. Parker-Hannifin has set its FY 2027 guidance at 34.250-35.250 EPS. Research analysts expect that Parker-Hannifin Corporation will post 34.93 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Monday, August 31st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Parker-Hannifin's payout ratio is presently 28.08%.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 602 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $1,040.47, for a total transaction of $626,362.94. Following the sale, the vice president directly owned 4,399 shares in the company, valued at $4,577,027.53. This represents a 12.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on PH. Truist Financial boosted their price target on shares of Parker-Hannifin from $1,269.00 to $1,358.00 and gave the company a "buy" rating in a report on Friday, August 7th. KeyCorp raised their price objective on shares of Parker-Hannifin from $1,100.00 to $1,210.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. BNP Paribas Exane reiterated an "outperform" rating and set a $1,220.00 target price (up from $1,090.00) on shares of Parker-Hannifin in a research report on Friday, August 7th. Evercore set a $1,064.00 target price on shares of Parker-Hannifin in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1,100.00.

Parker-Hannifin Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source