Royal Bank of Canada Has $1.45 Billion Position in Parker-Hannifin Co. (NYSE:PH)

Royal Bank of Canada raised its stake in shares of Parker-Hannifin Co. (NYSE:PH - Free Report) by 99.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,277,001 shares of the industrial products company's stock after buying an additional 1,137,564 shares during the period. Royal Bank of Canada owned about 1.77% of Parker-Hannifin worth $1,448,241,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PH. Rafferty Asset Management LLC raised its holdings in Parker-Hannifin by 9.6% in the 4th quarter. Rafferty Asset Management LLC now owns 12,314 shares of the industrial products company's stock worth $7,832,000 after acquiring an additional 1,081 shares during the period. Port Capital LLC lifted its position in Parker-Hannifin by 0.9% during the 4th quarter. Port Capital LLC now owns 67,103 shares of the industrial products company's stock worth $42,680,000 after acquiring an additional 619 shares during the last quarter. ProShare Advisors LLC lifted its position in Parker-Hannifin by 14.5% during the 4th quarter. ProShare Advisors LLC now owns 21,403 shares of the industrial products company's stock worth $13,613,000 after acquiring an additional 2,706 shares during the last quarter. Quantinno Capital Management LP lifted its position in Parker-Hannifin by 18.7% during the 4th quarter. Quantinno Capital Management LP now owns 9,468 shares of the industrial products company's stock worth $6,022,000 after acquiring an additional 1,489 shares during the last quarter. Finally, Mufg Securities Americas Inc. acquired a new position in Parker-Hannifin during the 4th quarter worth $1,208,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president now directly owns 2,083 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Insiders own 0.39% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PH. Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Truist Financial dropped their price objective on shares of Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Wolfe Research downgraded shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a report on Friday. Finally, StockNews.com downgraded shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $718.44.

Parker-Hannifin Price Performance

Parker-Hannifin stock traded down $0.69 during trading hours on Monday, hitting $679.71. 720,125 shares of the stock were exchanged, compared to its average volume of 719,150. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.59 and a current ratio of 1.06. The stock has a market capitalization of $86.85 billion, a P/E ratio of 28.13, a P/E/G ratio of 2.85 and a beta of 1.36. Parker-Hannifin Co. has a 12 month low of $488.45 and a 12 month high of $718.44. The business's 50-day moving average is $603.37 and its two-hundred day moving average is $647.33.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping 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 quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.51 earnings per share. Equities research analysts expect that Parker-Hannifin Co. will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be paid a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a yield of 1.06%. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.63. The ex-dividend date is Friday, May 9th. 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.