Rhumbline Advisers Purchases 4,720 Shares of Parker-Hannifin Co. (NYSE:PH)

Rhumbline Advisers raised its holdings in Parker-Hannifin Co. (NYSE:PH - Free Report) by 2.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 246,207 shares of the industrial products company's stock after purchasing an additional 4,720 shares during the period. Rhumbline Advisers owned approximately 0.19% of Parker-Hannifin worth $149,657,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PH. Whipplewood Advisors LLC bought a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new stake in Parker-Hannifin during the fourth quarter worth $25,000. Millstone Evans Group LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $32,000. Finally, Kestra Investment Management LLC bought a new stake in Parker-Hannifin during the fourth quarter worth $40,000. 82.44% of the stock is currently owned by institutional investors.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm's 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 completion of the transaction, the vice president now directly owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. 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 company insiders.

Parker-Hannifin Trading Down 0.5%

Shares of PH stock traded down $3.42 during mid-day trading on Thursday, hitting $661.72. The company's stock had a trading volume of 637,865 shares, compared to its average volume of 712,480. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The company has a market cap of $84.55 billion, a PE ratio of 27.39, a P/E/G ratio of 2.85 and a beta of 1.36. The company's fifty day simple moving average is $615.65 and its 200-day simple moving average is $645.90.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping analysts' consensus estimates of $6.72 by $0.22. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The firm had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the company posted $6.51 EPS. The company's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities research analysts expect that Parker-Hannifin Co. 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 will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be paid a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, May 9th. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is 27.72%.

Wall Street Analyst Weigh In

Several research firms have commented on PH. Barclays dropped their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus raised their price objective on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a report on Monday. Truist Financial dropped their price target on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Citigroup dropped their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Evercore ISI raised their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $719.71.

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.