Spire Wealth Management Has $430,000 Holdings in Parker-Hannifin Corporation (NYSE:PH)

Spire Wealth Management cut its position in Parker-Hannifin Corporation (NYSE:PH - Free Report) by 34.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 707 shares of the industrial products company's stock after selling 368 shares during the quarter. Spire Wealth Management's holdings in Parker-Hannifin were worth $430,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company's stock valued at $6,903,962,000 after purchasing an additional 111,406 shares during the last quarter. Geode Capital Management LLC grew its holdings in Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock valued at $1,699,580,000 after buying an additional 99,261 shares in the last quarter. Invesco Ltd. increased its position in Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock worth $1,591,810,000 after buying an additional 198,292 shares during the period. Royal Bank of Canada lifted its holdings in shares of Parker-Hannifin by 99.8% during 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 buying an additional 1,137,564 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock worth $1,282,294,000 after buying an additional 172,064 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PH shares. Citigroup cut their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Morgan Stanley began coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price target on the stock. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Finally, Wall Street Zen lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average price target of $719.71.

Insider Transactions at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Performance

Parker-Hannifin stock opened at $700.97 on Friday. Parker-Hannifin Corporation has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $89.57 billion, a P/E ratio of 26.99, a PEG ratio of 3.27 and a beta of 1.34. The stock's 50 day moving average is $648.74 and its 200 day moving average is $642.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted 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 firm had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.51 earnings per share. On average, equities research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were paid a $1.80 dividend. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's dividend payout ratio is currently 27.72%.

Parker-Hannifin 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.

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