Zhang Financial LLC Purchases Shares of 1,353 Parker-Hannifin Co. (NYSE:PH)

Zhang Financial LLC acquired a new stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,353 shares of the industrial products company's stock, valued at approximately $822,000.

Other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Parker-Hannifin in the fourth quarter worth $1,106,132,000. GAMMA Investing LLC grew its stake in shares of Parker-Hannifin by 66,111.8% in the 1st quarter. GAMMA Investing LLC now owns 1,735,412 shares of the industrial products company's stock worth $1,054,870,000 after buying an additional 1,732,791 shares during the last quarter. Proficio Capital Partners LLC increased its position 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 valued at $725,229,000 after buying an additional 1,139,265 shares in the last quarter. Royal Bank of Canada raised its stake in Parker-Hannifin by 99.8% during the fourth 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 buying an additional 1,137,564 shares during the last quarter. Finally, Capital World Investors bought a new stake in Parker-Hannifin in the fourth quarter worth $418,174,000. Institutional investors own 82.44% of the company's stock.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president now owns 2,083 shares of the company's stock, valued at $1,292,230.71. This trade 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 is available at the SEC website. Company insiders own 0.39% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Mizuho set a $785.00 price objective on Parker-Hannifin in a report on Friday, May 16th. Stifel Nicolaus raised their price target on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a report on Monday, June 2nd. Finally, Citigroup decreased their price objective on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating for the company in a report on Monday, April 14th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Price Performance

Shares of PH stock traded down $13.14 during trading hours on Friday, hitting $653.73. 682,749 shares of the company's stock were exchanged, compared to its average volume of 707,740. The firm has a market cap of $83.53 billion, a P/E ratio of 27.06, a P/E/G ratio of 2.85 and a beta of 1.34. Parker-Hannifin Co. has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The firm has a 50 day moving average of $625.79 and a two-hundred day moving average of $644.91. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings data 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. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. The company had revenue of $4.96 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the previous year, the company posted $6.51 earnings per share. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. Sell-side analysts forecast that Parker-Hannifin Co. will post 26.71 EPS for the current year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 9th were issued a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 1.10%. The ex-dividend date was Friday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's payout ratio is 27.72%.

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.