Sowell Financial Services LLC Makes New Investment in Parker-Hannifin Corporation (NYSE:PH)

Sowell Financial Services LLC purchased a new position in Parker-Hannifin Corporation (NYSE:PH - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,233 shares of the industrial products company's stock, valued at approximately $1,357,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC purchased a new position in shares of Parker-Hannifin in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parker-Hannifin in the 4th quarter worth approximately $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the 4th quarter worth approximately $30,000. Mpwm Advisory Solutions LLC acquired a new stake in Parker-Hannifin during the 4th quarter valued at $32,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Parker-Hannifin Stock Up 0.0%

Shares of NYSE PH traded up $0.24 during mid-day trading on Thursday, reaching $652.45. 478,188 shares of the company traded hands, compared to its average volume of 702,442. The company's fifty day moving average is $633.39 and its two-hundred day moving average is $643.61. 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 Corporation has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The stock has a market cap of $83.37 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 EPS for the quarter, beating 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 the consensus estimate of $4.99 billion. During the same quarter last year, the company posted $6.51 earnings per share. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, analysts expect that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 9th were issued a dividend of $1.80 per share. The ex-dividend date was Friday, May 9th. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.10%. Parker-Hannifin's payout ratio is 27.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PH. Citigroup lowered their price target on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a report on Monday, April 14th. KeyCorp upped their target price on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Argus set a $680.00 price target on shares of Parker-Hannifin in a report on Tuesday, May 6th. Barclays lowered their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Finally, Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price for the company. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of "Moderate Buy" and a consensus price target of $719.71.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the business's 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 directly owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.39% of the stock is owned by company insiders.

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.