Main Street Research LLC Acquires New Position in Parker-Hannifin Co. (NYSE:PH)

Main Street Research LLC acquired a new position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 46,603 shares of the industrial products company's stock, valued at approximately $21,470,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wilbanks Smith & Thomas Asset Management LLC boosted its position in shares of Parker-Hannifin by 0.7% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 3,637 shares of the industrial products company's stock valued at $1,417,000 after acquiring an additional 25 shares during the period. M&R Capital Management Inc. lifted its position in Parker-Hannifin by 25.0% during the fourth quarter. M&R Capital Management Inc. now owns 125 shares of the industrial products company's stock worth $58,000 after purchasing an additional 25 shares during the period. Private Trust Co. NA lifted its position in Parker-Hannifin by 0.7% during the fourth quarter. Private Trust Co. NA now owns 3,755 shares of the industrial products company's stock worth $1,730,000 after purchasing an additional 25 shares during the period. Keel Point LLC lifted its position in Parker-Hannifin by 3.1% during the fourth quarter. Keel Point LLC now owns 842 shares of the industrial products company's stock worth $388,000 after purchasing an additional 25 shares during the period. Finally, Acropolis Investment Management LLC lifted its position in Parker-Hannifin by 4.8% during the third quarter. Acropolis Investment Management LLC now owns 563 shares of the industrial products company's stock worth $219,000 after purchasing an additional 26 shares during the period. 82.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PH shares. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a "buy" rating in a research report on Wednesday, April 3rd. The Goldman Sachs Group reaffirmed a "buy" rating and set a $551.00 price objective on shares of Parker-Hannifin in a research report on Tuesday, January 2nd. Truist Financial assumed coverage on shares of Parker-Hannifin in a research report on Thursday, March 14th. They set a "buy" rating and a $602.00 price objective for the company. Barclays boosted their target price on Parker-Hannifin from $558.00 to $625.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 2nd. Finally, KeyCorp boosted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an "overweight" rating in a research note on Thursday, April 11th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $515.38.

Insider Activity at Parker-Hannifin

In related news, EVP Mark J. Hart sold 5,197 shares of the company's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the sale, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Parker-Hannifin news, EVP Mark J. Hart sold 5,197 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares in the company, valued at approximately $3,552,265.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. Insiders have sold 12,079 shares of company stock worth $6,099,566 over the last ninety days. Insiders own 1.03% of the company's stock.

Parker-Hannifin Trading Up 0.2 %

Shares of Parker-Hannifin stock traded up $0.84 on Tuesday, hitting $544.21. The stock had a trading volume of 634,754 shares, compared to its average volume of 592,632. The stock has a 50 day moving average of $538.46 and a 200 day moving average of $469.06. Parker-Hannifin Co. has a twelve month low of $309.89 and a twelve month high of $570.15. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. The firm has a market capitalization of $69.88 billion, a P/E ratio of 26.94, a PEG ratio of 2.01 and a beta of 1.52.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its earnings results on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion for the quarter, compared to analysts' expectations of $4.82 billion. During the same period in the prior year, the business posted $4.76 earnings per share. The firm's revenue was up 3.1% on a year-over-year basis. Sell-side analysts expect that Parker-Hannifin Co. will post 24.3 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Thursday, February 8th. Parker-Hannifin's payout ratio is presently 29.31%.

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.