Strong Tower Advisory Services Boosts Stock Holdings in Parker-Hannifin Co. (NYSE:PH)

Strong Tower Advisory Services lifted its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,816 shares of the industrial products company's stock after acquiring an additional 916 shares during the quarter. Parker-Hannifin makes up approximately 0.8% of Strong Tower Advisory Services' portfolio, making the stock its 26th biggest position. Strong Tower Advisory Services' holdings in Parker-Hannifin were worth $3,535,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in Parker-Hannifin during the 4th quarter worth about $1,106,132,000. GAMMA Investing LLC lifted its holdings in Parker-Hannifin by 66,111.8% during the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after buying an additional 1,732,791 shares during the period. Proficio Capital Partners LLC lifted its holdings in Parker-Hannifin by 116,370.3% during the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company's stock worth $725,229,000 after buying an additional 1,139,265 shares during the period. Royal Bank of Canada lifted its holdings in Parker-Hannifin by 99.8% during the 4th 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 during the period. Finally, Capital World Investors acquired a new position in Parker-Hannifin during the 4th quarter worth about $418,174,000. Institutional investors and hedge funds own 82.44% of the company's stock.

Insider Transactions at Parker-Hannifin

In other 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 value of $93,055.50. Following the transaction, the vice president now owns 2,083 shares in the company, valued at $1,292,230.71. The trade was a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.1%

PH stock traded up $0.35 during mid-day trading on Thursday, reaching $665.49. 212,269 shares of the company traded hands, compared to its average volume of 710,586. The stock has a market cap of $85.03 billion, a price-to-earnings ratio of 27.55, a P/E/G ratio of 2.85 and a beta of 1.36. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The firm's 50 day moving average price is $614.58 and its 200 day moving average price is $646.11.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.51 EPS. As a group, equities research analysts predict that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be paid a dividend of $1.80 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.08%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's payout ratio is 27.72%.

Analysts Set New Price Targets

PH has been the topic of several recent research reports. Wall Street Zen downgraded Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Evercore ISI boosted their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Stifel Nicolaus boosted their price objective on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday. KeyCorp boosted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Finally, Truist Financial dropped their price objective on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

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.