Spire Wealth Management Decreases Position in Parker-Hannifin Co. (NYSE:PH)

Spire Wealth Management cut its position in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 74.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 643 shares of the industrial products company's stock after selling 1,840 shares during the quarter. Spire Wealth Management's holdings in Parker-Hannifin were worth $302,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PH. FMR LLC grew its stake in Parker-Hannifin by 9.6% during the 3rd quarter. FMR LLC now owns 3,689,402 shares of the industrial products company's stock valued at $1,437,096,000 after acquiring an additional 324,063 shares in the last quarter. Invesco Ltd. lifted its position in Parker-Hannifin by 1.8% in the 3rd quarter. Invesco Ltd. now owns 2,911,452 shares of the industrial products company's stock worth $1,134,069,000 after buying an additional 52,739 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Parker-Hannifin by 2.9% during the 3rd quarter. Northern Trust Corp now owns 1,310,125 shares of the industrial products company's stock valued at $510,320,000 after acquiring an additional 36,744 shares in the last quarter. Alphinity Investment Management Pty Ltd increased its stake in shares of Parker-Hannifin by 42.2% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 1,132,756 shares of the industrial products company's stock worth $521,861,000 after acquiring an additional 336,370 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in shares of Parker-Hannifin by 7.4% during the third quarter. Kestra Advisory Services LLC now owns 626,760 shares of the industrial products company's stock worth $244,136,000 after acquiring an additional 43,059 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Stock Performance

PH stock traded up $0.44 on Friday, reaching $561.13. 489,130 shares of the company were exchanged, compared to its average volume of 627,431. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. Parker-Hannifin Co. has a 12 month low of $319.14 and a 12 month high of $570.15. The stock's fifty day moving average price is $547.17 and its 200 day moving average price is $488.75. The firm has a market capitalization of $72.13 billion, a PE ratio of 26.44, a PEG ratio of 1.93 and a beta of 1.51.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating analysts' consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the business earned $5.93 earnings per share. The firm's revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts anticipate that Parker-Hannifin Co. will post 24.79 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 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin's dividend payout ratio (DPR) is 30.73%.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 572 shares of the firm's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $536.49, for a total transaction of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares of the company's stock, valued at approximately $609,989.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Jay Reidy sold 572 shares of the business's stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $536.49, for a total value of $306,872.28. Following the sale, the vice president now owns 1,137 shares of the company's stock, valued at approximately $609,989.13. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Berend Bracht sold 1,079 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the transaction, the vice president now owns 4,200 shares of the company's stock, valued at $2,305,170. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company's stock.

Analyst Upgrades and Downgrades

PH has been the topic of several research reports. Wells Fargo & Company dropped their target price on Parker-Hannifin from $640.00 to $630.00 and set an "overweight" rating on the stock in a research report on Monday, May 6th. Truist Financial raised their price objective on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a "buy" rating in a research report on Friday, May 3rd. Barclays decreased their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an "overweight" rating for the company in a research report on Friday, May 3rd. Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a "buy" rating in a research note on Wednesday, April 3rd. Finally, Argus increased their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a "buy" rating in a research report on Monday, May 6th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Parker-Hannifin has an average rating of "Moderate Buy" and an average price target of $548.53.

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.