Truist Financial Corp Buys 6,226 Shares of Parker-Hannifin Corporation (NYSE:PH)

Truist Financial Corp raised its stake in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 160,224 shares of the industrial products company's stock after acquiring an additional 6,226 shares during the quarter. Truist Financial Corp owned approximately 0.12% of Parker-Hannifin worth $97,392,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Millstone Evans Group LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $30,000. Mpwm Advisory Solutions LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $32,000. Meeder Asset Management Inc. increased its stake in shares of Parker-Hannifin by 214.3% in the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after buying an additional 45 shares in the last quarter. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $48,000. 82.44% of the stock is owned by institutional investors.

Parker-Hannifin Stock Down 1.7%

Shares of PH traded down $12.14 during mid-day trading on Monday, hitting $707.01. 125,224 shares of the company's stock were exchanged, compared to its average volume of 695,960. The company has a market cap of $90.34 billion, a PE ratio of 27.27, a P/E/G ratio of 3.10 and a beta of 1.34. Parker-Hannifin Corporation has a 52 week low of $488.45 and a 52 week high of $720.90. The company has a 50-day simple moving average of $662.00 and a 200 day simple moving average of $643.86. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same period last year, the business earned $6.51 earnings per share. The firm's revenue was down 2.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

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

Insider Buying and Selling at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the completion of the transaction, the vice president directly owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.39% of the company's stock.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of research reports. KeyCorp lifted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Barclays lowered 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. Citigroup lowered their price objective on 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 Parker-Hannifin in a research report on Thursday, June 5th. They set an "equal weight" rating and a $700.00 target price for the company. Finally, Stifel Nicolaus boosted their target price on Parker-Hannifin from $630.00 to $670.00 and gave the stock a "hold" rating in a research report on Monday, June 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $719.41.

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.