State of Alaska Department of Revenue Has $9.17 Million Position in Parker-Hannifin Corporation (NYSE:PH)

State of Alaska Department of Revenue grew its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,080 shares of the industrial products company's stock after purchasing an additional 405 shares during the period. State of Alaska Department of Revenue's holdings in Parker-Hannifin were worth $9,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PH. Whipplewood Advisors LLC bought a new stake in Parker-Hannifin in the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Parker-Hannifin in the fourth quarter worth $25,000. Millstone Evans Group LLC acquired a new position in shares of Parker-Hannifin during the fourth quarter valued at $30,000. Mpwm Advisory Solutions LLC acquired a new position in Parker-Hannifin during the 4th quarter valued at about $32,000. Finally, Kestra Investment Management LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $40,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Barclays decreased their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. KeyCorp boosted their price objective on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Mizuho set a $785.00 target price on Parker-Hannifin in a research note on Friday, May 16th. Finally, Evercore ISI boosted their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $719.71.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred 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 transaction, the vice president now owns 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.39% of the stock is owned by insiders.

Parker-Hannifin Trading Up 0.2%

PH stock traded up $1.47 during midday trading on Friday, hitting $653.76. 182,927 shares of the company's stock were exchanged, compared to its average volume of 700,402. The stock's fifty day moving average price is $635.24 and its 200-day moving average price is $643.27. Parker-Hannifin Corporation has a one year low of $488.45 and a one year high of $718.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The company has a market cap of $83.54 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data 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 company 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%. Parker-Hannifin's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.51 earnings per share. Research analysts predict that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued 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 annualized dividend and a yield of 1.10%. Parker-Hannifin's dividend payout ratio is presently 27.72%.

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.