Parker-Hannifin Co. (NYSE:PH) Stock Position Lifted by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI grew its stake in Parker-Hannifin Co. (NYSE:PH - Free Report) by 20.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,353 shares of the industrial products company's stock after acquiring an additional 753 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Parker-Hannifin were worth $2,769,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Whipplewood Advisors LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new position in Parker-Hannifin during the fourth quarter worth about $25,000. Millstone Evans Group LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $30,000. Kestra Investment Management LLC purchased a new position in Parker-Hannifin during the fourth quarter worth about $40,000. Finally, Meeder Asset Management Inc. lifted its position in Parker-Hannifin by 214.3% during the fourth quarter. Meeder Asset Management Inc. now owns 66 shares of the industrial products company's stock worth $42,000 after buying an additional 45 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PH has been the topic of several recent analyst reports. UBS Group reduced their target price on Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating on the stock in a research report on Friday, January 31st. Barclays reduced their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Truist Financial dropped their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Argus set a $680.00 price target on Parker-Hannifin in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company upped their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $718.44.

Insider Activity at Parker-Hannifin

In related news, VP Jay Reidy sold 150 shares of the stock in a transaction dated 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 transaction, the vice president now owns 2,083 shares of the company's stock, valued at approximately $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.39% of the stock is currently owned by company insiders.

Parker-Hannifin Stock Down 0.2%

Shares of PH stock traded down $1.37 during trading hours on Friday, reaching $655.98. The company had a trading volume of 430,799 shares, compared to its average volume of 718,258. 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 Co. has a twelve month low of $488.45 and a twelve month high of $718.44. The company has a market capitalization of $83.82 billion, a P/E ratio of 27.15, a price-to-earnings-growth ratio of 2.85 and a beta of 1.36. The stock's fifty day simple moving average is $609.02 and its 200 day simple moving average is $648.11.

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 (EPS) for the quarter, beating 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 business had revenue of $4.96 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the firm earned $6.51 earnings per share. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 26.71 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared 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 of this dividend is Friday, May 9th. This represents a $7.20 dividend on an annualized basis and a yield of 1.10%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.63. Parker-Hannifin's dividend payout ratio is currently 27.72%.

Parker-Hannifin 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.