Turtle Creek Wealth Advisors LLC Raises Stock Holdings in Parker-Hannifin Corporation (NYSE:PH)

Turtle Creek Wealth Advisors LLC grew its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,667 shares of the industrial products company's stock after buying an additional 419 shares during the period. Turtle Creek Wealth Advisors LLC's holdings in Parker-Hannifin were worth $6,484,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Parker-Hannifin during the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth $30,000. Mpwm Advisory Solutions LLC purchased a new stake in Parker-Hannifin in the fourth quarter worth $32,000. Olde Wealth Management LLC purchased a new stake in Parker-Hannifin in the first quarter worth $35,000. Finally, Chilton Capital Management LLC grew its stake in Parker-Hannifin by 1,500.0% in the first quarter. Chilton Capital Management LLC now owns 64 shares of the industrial products company's stock worth $39,000 after purchasing an additional 60 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $13.25 during midday trading on Thursday, reaching $723.47. 543,083 shares of the company's stock traded hands, compared to its average volume of 688,612. The company has a market cap of $92.45 billion, a price-to-earnings ratio of 27.86, a P/E/G ratio of 3.05 and a beta of 1.34. 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 one year low of $488.45 and a one year high of $723.91. The stock has a 50 day moving average of $679.48 and a 200 day moving average of $647.91.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced 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 firm had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The company's quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company posted $6.51 earnings per share. As a group, equities research analysts anticipate that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal 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. 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 dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, May 9th. Parker-Hannifin's dividend payout ratio is presently 27.72%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Stifel Nicolaus upped their price target on Parker-Hannifin from $670.00 to $709.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Morgan Stanley upped their price target on Parker-Hannifin from $700.00 to $725.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Wolfe Research cut Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research note on Thursday, April 3rd. Wells Fargo & Company upped their price target on Parker-Hannifin from $670.00 to $770.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Truist Financial reduced their price target 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 research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and a consensus price target of $739.12.

Insider Activity

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the stock in a transaction dated 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 owned 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.39% of the stock is currently owned by 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.