Rafferty Asset Management LLC grew its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 9.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,314 shares of the industrial products company's stock after buying an additional 1,081 shares during the period. Rafferty Asset Management LLC's holdings in Parker-Hannifin were worth $7,832,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company's stock worth $6,903,962,000 after purchasing an additional 111,406 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after buying an additional 99,261 shares during the period. Invesco Ltd. grew its stake in Parker-Hannifin by 8.6% in the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after buying an additional 198,292 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Parker-Hannifin by 9.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after acquiring an additional 172,064 shares during the period. Finally, Norges Bank bought a new stake in Parker-Hannifin during the 4th quarter valued at $1,106,132,000. Institutional investors own 82.44% of the company's stock.
Parker-Hannifin Price Performance
Shares of NYSE PH traded down $18.23 during mid-day trading on Wednesday, reaching $661.82. 627,499 shares of the company were exchanged, compared to its average volume of 720,381. The stock has a market capitalization of $84.57 billion, a PE ratio of 27.39, a PEG ratio of 2.85 and a beta of 1.36. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The company's 50 day moving average price is $606.46 and its 200 day moving average price is $647.87.
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 (EPS) for the quarter, topping the consensus estimate 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 return on equity of 27.34% and a net margin of 15.87%. The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.51 earnings per share. Sell-side analysts forecast that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.
Parker-Hannifin Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $7.20 annualized dividend and a dividend yield of 1.09%. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is currently 27.72%.
Insider Buying and Selling
In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The stock was 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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.39% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price target on Parker-Hannifin from $710.00 to $775.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. KeyCorp upped their price target on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Argus set a $680.00 price target on shares of Parker-Hannifin in a report on Tuesday, May 6th. Finally, Citigroup cut their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin has a consensus rating of "Moderate Buy" and an average target price of $718.44.
Read Our Latest Stock Analysis on PH
About Parker-Hannifin
(
Free Report)
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.
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