Newbridge Financial Services Group Inc. Makes New Investment in Parker-Hannifin Co. (NYSE:PH)

Newbridge Financial Services Group Inc. acquired a new position in Parker-Hannifin Co. (NYSE:PH) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 66 shares of the industrial products company’s stock, valued at approximately $30,000.

Other hedge funds have also added to or reduced their stakes in the company. Sachetta LLC bought a new stake in Parker-Hannifin in the fourth quarter worth about $25,000. Wetzel Investment Advisors Inc. bought a new stake in Parker-Hannifin in the fourth quarter worth about $26,000. First United Bank & Trust bought a new stake in Parker-Hannifin in the fourth quarter worth about $29,000. Private Wealth Management Group LLC bought a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $33,000. Finally, Cherry Tree Wealth Management LLC raised its position in shares of Parker-Hannifin by 44.6% in the fourth quarter. Cherry Tree Wealth Management LLC now owns 81 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 25 shares during the period. Institutional investors own 82.44% of the company’s stock.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jay Reidy sold 572 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total transaction of $592,209.15. Following the sale, 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.

Parker-Hannifin Price Performance

PH stock opened at $506.83 on Wednesday. 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 one year low of $362.49 and a one year high of $570.15. The stock has a market cap of $65.15 billion, a PE ratio of 23.88, a P/E/G ratio of 2.03 and a beta of 1.46. The firm has a 50 day simple moving average of $537.33 and a two-hundred day simple moving average of $512.35.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, topping 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 analysts’ expectations of $5.07 billion. During the same quarter in the previous year, the company earned $5.93 EPS. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, analysts predict that Parker-Hannifin Co. will post 24.84 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 10th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date was Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s payout ratio is currently 30.73%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PH. Argus boosted their price target on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Evercore ISI boosted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a research report on Tuesday, February 20th. Barclays lowered their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Bank of America boosted their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Mizuho raised shares of Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $566.33.

About Parker-Hannifin

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.