2,437 Shares in Parker-Hannifin Co. (NYSE:PH) Bought by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC bought a new stake in Parker-Hannifin Co. (NYSE:PH - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,437 shares of the industrial products company's stock, valued at approximately $1,123,000.

Several other hedge funds also recently modified their holdings of the stock. Alphinity Investment Management Pty Ltd bought a new position in Parker-Hannifin in the 3rd quarter valued at $310,208,000. FMR LLC raised its holdings in shares of Parker-Hannifin by 9.6% in the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company's stock worth $1,437,096,000 after purchasing an additional 324,063 shares during the period. International Assets Investment Management LLC lifted its stake in Parker-Hannifin by 65,634.7% in the fourth quarter. International Assets Investment Management LLC now owns 219,554 shares of the industrial products company's stock valued at $101,149,000 after purchasing an additional 219,220 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Parker-Hannifin by 52.0% during the third quarter. Envestnet Asset Management Inc. now owns 506,406 shares of the industrial products company's stock valued at $197,255,000 after purchasing an additional 173,323 shares during the period. Finally, iA Global Asset Management Inc. purchased a new stake in Parker-Hannifin in the third quarter worth $58,601,000. Hedge funds and other institutional investors own 82.44% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PH shares. KeyCorp lifted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an "overweight" rating in a report on Thursday, April 11th. Truist Financial boosted their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a "buy" rating in a research report on Friday. Mizuho raised their price objective on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a "neutral" rating in a report on Friday. Evercore ISI boosted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an "outperform" rating in a report on Tuesday, February 20th. Finally, Stifel Nicolaus raised their price target on Parker-Hannifin from $588.00 to $629.00 and gave the stock a "buy" rating in a report on Wednesday, April 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Parker-Hannifin presently has an average rating of "Moderate Buy" and a consensus target price of $523.94.

Parker-Hannifin Price Performance

Shares of PH stock traded up $5.50 during trading on Friday, hitting $536.18. The company had a trading volume of 970,079 shares, compared to its average volume of 601,506. Parker-Hannifin Co. has a 52 week low of $319.14 and a 52 week high of $570.15. The stock has a market capitalization of $68.85 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The stock's 50-day moving average is $544.96 and its two-hundred day moving average is $483.92.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts' consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to the consensus estimate of $5.07 billion. During the same quarter last year, the business posted $5.93 earnings per share. The company's revenue for the quarter was up .3% on a year-over-year basis. As a group, analysts predict that Parker-Hannifin Co. will post 24.62 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be given a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a yield of 1.22%. This is an increase from Parker-Hannifin's previous quarterly dividend of $1.48. Parker-Hannifin's payout ratio is presently 27.90%.

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.