Wealth Enhancement Advisory Services LLC Sells 834 Shares of Parker-Hannifin Corporation (NYSE:PH)

Wealth Enhancement Advisory Services LLC lessened its holdings in shares of Parker-Hannifin Corporation (NYSE:PH - Free Report) by 3.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,174 shares of the industrial products company's stock after selling 834 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Parker-Hannifin were worth $16,518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PH. Norges Bank bought a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $1,106,132,000. GAMMA Investing LLC increased its stake in shares of Parker-Hannifin by 66,111.8% during the first quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after purchasing 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 purchasing an additional 1,139,265 shares during the last quarter. Royal Bank of Canada boosted its stake in Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock valued at $1,448,241,000 after purchasing an additional 1,137,564 shares during the period. Finally, Capital World Investors acquired a new position in Parker-Hannifin in the 4th quarter valued at $418,174,000. Institutional investors own 82.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PH shares. Morgan Stanley assumed coverage on shares of Parker-Hannifin in a research report on Thursday, June 5th. They issued an "equal weight" rating and a $700.00 target price for the company. Citigroup reduced their price target on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Argus set a $680.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, May 6th. Barclays cut their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Truist Financial decreased 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 investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Parker-Hannifin presently has a consensus rating of "Moderate Buy" and an average target price of $719.71.

Insider Buying and Selling

In related news, VP Jay Reidy sold 150 shares of Parker-Hannifin stock in a transaction 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 completion of the sale, the vice president now owns 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.39% of the stock is owned by company insiders.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $651.73 on Monday. 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 Corporation has a one year low of $488.45 and a one year high of $718.44. The business's 50 day simple moving average is $636.98 and its two-hundred day simple moving average is $642.20. The stock has a market capitalization of $83.28 billion, a P/E ratio of 25.10, a price-to-earnings-growth ratio of 3.04 and a beta of 1.34.

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

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 9th were issued a $1.80 dividend. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Friday, May 9th. Parker-Hannifin's payout ratio is presently 27.72%.

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.

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