Vanguard Group Inc. Acquires 33,606 Shares of Parker-Hannifin Corporation $PH

Key Points

• Vanguard Group Inc. increased its stake in Parker-Hannifin by 33,606 shares (0.3%) to 11,142,535 shares, representing about 8.83% of the company and valued at roughly $9.79 billion at quarter-end.
• Parker-Hannifin raised its quarterly dividend to $2.00 (annualized $8.00, ~0.8% yield) and reported a quarterly EPS beat of $7.65 versus $7.11 consensus, with revenue up 9.1% year-over-year.
• Analysts remain broadly positive, with a consensus rating of "Moderate Buy" and an average price target near $1,000.60, while several firms have issued $1,100+ targets.

Vanguard Group Inc. increased its position in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,142,535 shares of the industrial products company's stock after acquiring an additional 33,606 shares during the period. Vanguard Group Inc. owned about 8.83% of Parker-Hannifin worth $9,793,843,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PH. Procyon Advisors LLC grew its holdings in shares of Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company's stock valued at $3,843,346,000 after purchasing an additional 5,066,179 shares during the last quarter. Capital World Investors boosted its position in shares of Parker-Hannifin by 7.0% during the 3rd quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company's stock worth $1,959,166,000 after acquiring an additional 169,073 shares in the last quarter. Lazard Freres Gestion S.A.S. bought a new stake in Parker-Hannifin in the third quarter valued at $103,284,000. California Public Employees Retirement System raised its position in shares of Parker-Hannifin by 51.3% in the third quarter. California Public Employees Retirement System now owns 336,247 shares of the industrial products company's stock valued at $254,926,000 after purchasing an additional 114,008 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in shares of Parker-Hannifin in the 3rd quarter worth about $86,046,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PH has been the subject of several recent research reports. Truist Financial set a $1,139.00 target price on shares of Parker-Hannifin in a report on Friday, January 30th. JPMorgan Chase & Co. lifted their price objective on Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $1,050.00 to $980.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group lifted their price objective on Parker-Hannifin from $1,050.00 to $1,100.00 and gave the company a "buy" rating in a research note on Friday, January 30th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $1,100.00 price objective on shares of Parker-Hannifin in a research note on Friday, January 30th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Parker-Hannifin has a consensus rating of "Moderate Buy" and an average target price of $1,000.60.

Parker-Hannifin Price Performance

PH stock opened at $976.03 on Friday. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin Corporation has a 52-week low of $583.89 and a 52-week high of $1,034.96. The stock's 50 day moving average is $952.62 and its two-hundred day moving average is $895.99. The company has a market capitalization of $123.19 billion, a PE ratio of 35.60, a P/E/G ratio of 3.14 and a beta of 1.25.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.During the same quarter in the prior year, the firm posted $6.53 EPS. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts predict that Parker-Hannifin Corporation will post 30.99 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 5th. Stockholders of record on Friday, May 8th will be issued a $2.00 dividend. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.80. The ex-dividend date is Friday, May 8th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 0.8%. Parker-Hannifin's dividend payout ratio (DPR) is presently 29.18%.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,457 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $946.48, for a total value of $1,379,021.36. Following the completion of the sale, the vice president directly owned 2,580 shares in the company, valued at approximately $2,441,918.40. The trade was a 36.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Todd M. Leombruno sold 2,062 shares of the business's stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $1,002.34, for a total value of $2,066,825.08. Following the completion of the sale, the chief financial officer owned 20,610 shares of the company's stock, valued at $20,658,227.40. This trade represents a 9.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 10,063 shares of company stock worth $9,891,214. Corporate insiders own 0.32% of the company's stock.

Parker-Hannifin Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

Want to see what other hedge funds are holding PH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Parker-Hannifin Corporation (NYSE:PH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.