Wright Investors Service Inc. Trims Position in Parker-Hannifin Co. (NYSE:PH)

Wright Investors Service Inc. trimmed its position in Parker-Hannifin Co. (NYSE:PH - Free Report) by 48.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,656 shares of the industrial products company's stock after selling 1,529 shares during the period. Wright Investors Service Inc.'s holdings in Parker-Hannifin were worth $1,007,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Global Retirement Partners LLC raised its position in shares of Parker-Hannifin by 1.1% during the 4th quarter. Global Retirement Partners LLC now owns 1,392 shares of the industrial products company's stock valued at $886,000 after buying an additional 15 shares during the period. FFT Wealth Management LLC raised its position in shares of Parker-Hannifin by 1.3% during the 4th quarter. FFT Wealth Management LLC now owns 1,150 shares of the industrial products company's stock valued at $732,000 after buying an additional 15 shares during the period. GenTrust LLC raised its position in shares of Parker-Hannifin by 2.9% during the 4th quarter. GenTrust LLC now owns 524 shares of the industrial products company's stock valued at $333,000 after buying an additional 15 shares during the period. First Manhattan CO. LLC. raised its position in shares of Parker-Hannifin by 1.0% during the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock valued at $1,005,000 after buying an additional 15 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its position in shares of Parker-Hannifin by 1.5% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock valued at $689,000 after buying an additional 16 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the company'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 now owns 2,083 shares in the company, valued at $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 SEC, which is available at this hyperlink. Insiders own 0.39% of the company's stock.

Parker-Hannifin Stock Up 0.5%

Shares of NYSE:PH traded up $3.16 during trading on Thursday, hitting $668.30. The company's stock had a trading volume of 322,795 shares, compared to its average volume of 711,111. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The business has a 50 day moving average price of $614.58 and a two-hundred day moving average price of $646.11. The company has a market capitalization of $85.39 billion, a PE ratio of 27.66, a P/E/G ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44.

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

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 9th will be paid a dividend of $1.80 per share. The ex-dividend date is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 1.08%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's payout ratio is presently 27.72%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wolfe Research lowered Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a research report on Thursday, April 3rd. Wall Street Zen lowered Parker-Hannifin from a "buy" rating to a "hold" rating in a research report on Wednesday, March 19th. Stifel Nicolaus boosted their target price on Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research report on Monday. Argus set a $680.00 target price on Parker-Hannifin in a research report on Tuesday, May 6th. Finally, Truist Financial cut their target price on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $719.71.

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.