Voloridge Investment Management LLC Purchases New Shares in Parker-Hannifin Co. (NYSE:PH)

Voloridge Investment Management LLC purchased a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,982 shares of the industrial products company's stock, valued at approximately $5,077,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PH. Whipplewood Advisors LLC purchased a new stake in shares of Parker-Hannifin during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin in the 4th quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new position in Parker-Hannifin during the 4th quarter valued at approximately $30,000. Kestra Investment Management LLC acquired a new position in Parker-Hannifin during the 4th quarter valued at approximately $40,000. Finally, Meeder Asset Management Inc. boosted its position in Parker-Hannifin by 214.3% during the 4th quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 45 shares during the period. Hedge funds and other institutional investors own 82.44% of the company's stock.

Parker-Hannifin Trading Down 0.5%

Shares of Parker-Hannifin stock traded down $3.38 on Friday, reaching $663.85. 1,042,542 shares of the company's stock were exchanged, compared to its average volume of 716,134. The company has a market capitalization of $84.83 billion, a P/E ratio of 27.48, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a 52 week low of $488.45 and a 52 week high of $718.44. The firm's 50-day moving average is $612.05 and its two-hundred day moving average is $646.47. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be issued a $1.80 dividend. The ex-dividend date is Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.08%. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio (DPR) is 27.72%.

Insider Buying and Selling

In other news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the completion of the sale, the vice president now owns 2,083 shares in the company, valued at approximately $1,292,230.71. This trade represents a 6.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PH shares. Citigroup cut their price objective on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Wells Fargo & Company upped their target price on Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, Barclays lowered their price objective on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus target price of $718.44.

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.