Parker-Hannifin Corporation (NYSE:PH) Shares Bought by Smith Group Asset Management LLC

Smith Group Asset Management LLC grew its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,356 shares of the industrial products company's stock after buying an additional 2,922 shares during the period. Parker-Hannifin comprises 3.0% of Smith Group Asset Management LLC's portfolio, making the stock its 6th largest position. Smith Group Asset Management LLC owned 0.05% of Parker-Hannifin worth $40,334,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new stake in Parker-Hannifin during the fourth quarter worth about $25,000. Millstone Evans Group LLC bought a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $32,000. Meeder Asset Management Inc. lifted its holdings in shares of Parker-Hannifin by 214.3% in the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after purchasing an additional 45 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in Parker-Hannifin during the 4th quarter valued at approximately $48,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Analysts Set New Price Targets

PH has been the subject of several recent analyst reports. Argus set a $680.00 target price on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Wells Fargo & Company increased their price objective on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a report on Tuesday. KeyCorp lifted their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Barclays reduced their price target on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Wolfe Research cut shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and an average target price of $719.41.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded up $4.98 during trading hours on Tuesday, hitting $703.45. 720,176 shares of the stock were exchanged, compared to its average volume of 697,494. The stock has a market capitalization of $89.89 billion, a P/E ratio of 27.09, a P/E/G ratio of 3.27 and a beta of 1.34. Parker-Hannifin Corporation has a 12 month low of $488.45 and a 12 month high of $718.44. The business's 50-day moving average is $651.78 and its two-hundred day moving average is $642.24. 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 announced its earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, topping the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. 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 prior year, the business earned $6.51 earnings per share. The business's revenue for the quarter was down 2.2% on a year-over-year basis. Equities research analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company's 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

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.