Parker-Hannifin Co. (NYSE:PH) Sees Large Increase in Short Interest

Parker-Hannifin Co. (NYSE:PH - Get Free Report) saw a significant increase in short interest in May. As of May 15th, there was short interest totalling 1,500,000 shares, an increase of 22.0% from the April 30th total of 1,230,000 shares. Approximately 1.2% of the shares of the stock are sold short. Based on an average daily volume of 909,600 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $630.00 to $670.00 and gave the company a "hold" rating in a research note on Monday. Wall Street Zen downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Truist Financial reduced their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. KeyCorp increased their target price on shares of Parker-Hannifin from $690.00 to $735.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Finally, Citigroup reduced their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $719.71.

Parker-Hannifin Price Performance

PH traded down $3.42 on Thursday, hitting $661.72. 637,865 shares of the company's stock were exchanged, compared to its average volume of 712,478. Parker-Hannifin has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $614.58 and a 200-day moving average price of $646.11. The stock has a market cap of $84.55 billion, a price-to-earnings ratio of 27.39, a P/E/G ratio of 2.85 and a beta of 1.36.

Parker-Hannifin (NYSE:PH - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.51 EPS. As a group, equities analysts anticipate that Parker-Hannifin will post 26.71 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The business also recently disclosed 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. This is a positive change from Parker-Hannifin's previous quarterly dividend of $1.63. This represents a $7.20 annualized dividend and a yield of 1.09%. The ex-dividend date is Friday, May 9th. Parker-Hannifin's payout ratio is 27.72%.

Insider Activity at Parker-Hannifin

In other news, VP Jay Reidy sold 150 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total value of $93,055.50. Following the sale, 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 legal filing with the SEC, which can be accessed through this link. 0.39% of the stock is owned by insiders.

Institutional Trading of Parker-Hannifin

A number of institutional investors and hedge funds have recently bought and sold shares of PH. Whipplewood Advisors LLC acquired a new position in Parker-Hannifin in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Parker-Hannifin in the first quarter valued at approximately $27,000. Millstone Evans Group LLC purchased a new stake in shares of Parker-Hannifin during the fourth quarter worth approximately $30,000. Finally, Saudi Central Bank purchased a new stake in shares of Parker-Hannifin during the first quarter worth approximately $31,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.