Simmons Bank Buys 2,618 Shares of Parker-Hannifin Corporation (NYSE:PH)

Simmons Bank lifted its holdings in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 98.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,271 shares of the industrial products company's stock after buying an additional 2,618 shares during the quarter. Simmons Bank's holdings in Parker-Hannifin were worth $3,204,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. HUB Investment Partners LLC grew its position in Parker-Hannifin by 15.7% during the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after purchasing an additional 1,057 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Parker-Hannifin by 27.2% during the first quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock valued at $18,850,000 after buying an additional 6,630 shares during the last quarter. Congress Wealth Management LLC DE grew its holdings in shares of Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock valued at $29,135,000 after buying an additional 18,503 shares during the last quarter. Washington Trust Bank raised its holdings in Parker-Hannifin by 3,019.5% in the 4th quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after acquiring an additional 15,037 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Parker-Hannifin by 7.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company's stock valued at $42,801,000 after acquiring an additional 4,668 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock traded up $7.69 on Friday, hitting $719.15. 360,526 shares of the company's stock were exchanged, compared to its average volume of 697,924. The company has a 50-day simple moving average of $662.00 and a 200-day simple moving average of $643.82. The stock has a market capitalization of $91.89 billion, a PE ratio of 27.20, a PEG ratio of 3.10 and a beta of 1.34. Parker-Hannifin Corporation has a 1 year low of $488.45 and a 1 year high of $720.90. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21.

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 for the quarter, topping the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $6.51 EPS. As a group, equities analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were paid a dividend of $1.80 per share. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date was Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.00%. Parker-Hannifin's payout ratio is 27.72%.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction 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 approximately $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.39% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PH. Morgan Stanley began coverage on Parker-Hannifin in a research note on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 price target for the company. Evercore ISI boosted their price target on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Stifel Nicolaus boosted their price target on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research note on Monday, June 2nd. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Finally, Mizuho set a $785.00 price target on Parker-Hannifin in a research note on Friday, May 16th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $719.41.

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.