Sherbrooke Park Advisers LLC Buys New Shares in Parker-Hannifin Co. (NYSE:PH)

Sherbrooke Park Advisers LLC bought a new position in Parker-Hannifin Co. (NYSE:PH - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 728 shares of the industrial products company's stock, valued at approximately $463,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PH. Silvercrest Asset Management Group LLC increased its stake in shares of Parker-Hannifin by 5.5% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 11,758 shares of the industrial products company's stock worth $7,479,000 after acquiring an additional 618 shares during the period. Royal Bank of Canada increased its stake in shares of Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Parker-Hannifin by 9.6% in the fourth quarter. Rafferty Asset Management LLC now owns 12,314 shares of the industrial products company's stock worth $7,832,000 after acquiring an additional 1,081 shares during the period. Port Capital LLC increased its stake in shares of Parker-Hannifin by 0.9% in the fourth quarter. Port Capital LLC now owns 67,103 shares of the industrial products company's stock worth $42,680,000 after acquiring an additional 619 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of Parker-Hannifin by 14.5% in the fourth quarter. ProShare Advisors LLC now owns 21,403 shares of the industrial products company's stock worth $13,613,000 after acquiring an additional 2,706 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup cut their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Truist Financial lowered their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. UBS Group lowered their price objective on Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating on the stock in a research report on Friday, January 31st. Stifel Nicolaus upped their price objective on Parker-Hannifin from $564.00 to $630.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. Finally, StockNews.com lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $718.44.

Parker-Hannifin Price Performance

Shares of PH traded up $0.91 during mid-day trading on Tuesday, hitting $680.19. 856,657 shares of the company were exchanged, compared to its average volume of 720,067. The company has a 50 day moving average of $606.46 and a 200-day moving average of $647.87. Parker-Hannifin Co. has a 1-year low of $488.45 and a 1-year high of $718.44. The stock has a market cap of $86.91 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. 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 (NYSE:PH - Get Free Report) last announced its 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. 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 for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter in the previous year, the company posted $6.51 EPS. The firm's quarterly revenue was down 2.2% on a year-over-year basis. Analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.06%. This is an increase 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 related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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.